View Filing Data

$ 3,220,634

$ 3,117,405

(424,453)

(378,306)

2,796,181

2,739,099

360,517

635,865

Loans receivable and other lending investments, net

3,156,698

3,374,964

^[1]

1,370,109

1,829,985

Cash and cash equivalents

207,209

398,843

513,568

256,344

Restricted cash

48,769

36,778

Accrued interest and operating lease income receivable, net

14,941

15,226

Deferred operating lease income receivable

92,737

84,735

Deferred expenses and other assets, net

237,980

163,124

Accounts payable, accrued expenses and other liabilities

5,642,011

6,159,999

Liabilities:

170,831

141,670

Commitments and contingencies

4,158,125

4,691,494

Total liabilities

4,328,956

4,833,164

Redeemable noncontrolling interests

11,590

13,681

iStar Financial Inc. shareholders' equity:

High Performance Units

9,800

Common Stock, $0.001 par value, 200,000 shares authorized, 144,334 issued and 83,717 outstanding at December 31, 2013 and 142,699 issued and 83,782 outstanding at December 31, 2012

144

143

Additional paid-in capital

4,022,138

3,832,780

Retained earnings (deficit)

(2,521,618)

(2,360,647)

Accumulated other comprehensive income (loss) (see Note 11)

(4,276)

(1,185)

Treasury stock, at cost, $0.001 par value, 60,617 shares at December 31, 2013 and 58,917 shares at December 31, 2012

(262,954)

(241,969)

Total iStar Financial Inc. shareholders' equity

1,243,260

1,238,944

Noncontrolling interests

58,205

74,210

Total equity

1,301,465

1,313,154

Total liabilities and equity

5,642,011

6,159,999

Series D, E, F, G and I Preferred Stock

iStar Financial Inc. shareholders' equity:

Preferred Stock

Series J convertible perpetual preferred stock

iStar Financial Inc. shareholders' equity:

Preferred Stock

$ 4

$ 0

[1]	The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

Consolidated Balance Sheets (Parenthetical) - $ / shares

Dec. 31, 2013

Dec. 31, 2012

Common Stock, par value (in dollars per share)

$ 0.001

Common Stock, shares authorized

200,000,000

Common Stock, shares issued

144,334,000

142,699,000

Common Stock, shares outstanding

83,717,000

83,782,000

Treasury stock, par value (in dollars per share)

$ 0.001

Treasury stock, shares

60,617,000

58,917,000

Series D, E, F, G and I Preferred Stock

Series J convertible perpetual preferred stock

$ 25

^[1],[2]

$ 25

$ 50

^[1],[2]

$ 0

[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 $8.0 million, $11.0 million, $7.8 million, $6.1 million and $9.4 million on its Series D, E, F, G and I preferred stock, respectively, during each of the years ended December 31, 2013 and 2012. The Company also declared and paid dividends of $6.7 million on its Series J preferred stock during the year ended December 31, 2013. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding.

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

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Revenues:

$ 234,567

$ 216,291

$ 195,872

108,015

133,410

226,871

48,208

47,838

39,722

390,790

397,539

462,465

Costs and expenses:

Interest expense

266,225

355,097

342,186

157,441

151,458

138,714

General and administrative

71,266

68,770

58,091

92,114

80,856

105,039

5,489

81,740

^[1]

46,412

^[1]

12,589

13,778

13,239

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

8,050

17,266

11,070

Total costs and expenses

613,174

768,965

714,751

(222,384)

(371,426)

(252,286)

Earnings from equity method investments

(33,190)

(37,816)

101,466

41,520

103,009

95,091

Loss on transfer of interest to unconsolidated subsidiary

(7,373)

Income (loss) from continuing operations before income taxes

(221,427)

(306,233)

(55,729)

Income tax (expense) benefit

659

(8,445)

4,719

Income (loss) from continuing operations(1)

^[2]

(220,768)

(314,678)

(51,010)

Income (loss) from discontinued operations

644

(17,481)

(5,514)

22,233

27,257

25,110

(86,658)

(63,472)

(5,721)

Net (income) loss attributable to noncontrolling interests

(111,233)

(241,430)

(25,693)

(718)

1,500

3,629

Net income (loss) attributable to iStar Financial Inc.

(111,951)

(239,930)

(22,064)

Preferred dividends

(49,020)

(42,320)

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

^[3],[4]

5,202

9,253

1,997

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

$ (155,769)

$ (272,997)

$ (62,387)

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

^[2]

$ (2.09)

$ (3.37)

$ (0.91)

Weighted average number of common shares—basic and diluted

^[2]

$ (1.83)

$ (3.26)

$ (0.70)

^[2]

84,990

83,742

88,688

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

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

^[2],[3]

$ (396.07)

$ (638.27)

$ (173.66)

Weighted average number of HPU shares—basic and diluted

^[2],[3]

$ (346.80)

$ (616.87)

$ (133.13)

^[2],[3]

[1]	For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively.
[2]	Income (loss) from continuing operations attributable to iStar Financial Inc. for the years ended December 31, 2013, 2012 and 2011 was $(221.5) million, $(313.2) million and $(47.4) million, respectively. See Note 13 for details on the calculation of earnings per share.
[3]	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).
[4]	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	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Statement [Abstract]
Income (loss) from continuing operations attributable to iStar Financial Inc.	$ (221.5)	$ (313.2)	$ (47.4)

Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Statement of Comprehensive Income [Abstract]

Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization(1)

$ (111,233)

$ (241,430)

$ (25,693)

Other comprehensive income (loss):

^[1]

(859)

Reclassification of (gains)/losses on cash flow hedges into earnings upon realization(2)

^[2]

310

(44)

(180)

Reclassification of (gains)/losses on cumulative translation adjustment into earnings upon realization(3)

^[3]

(1,310)

Unrealized gains/(losses) on available-for-sale securities

(302)

278

391

Unrealized gains/(losses) on cash flow hedges

(255)

(1,335)

(1,191)

Unrealized gains/(losses) on cumulative translation adjustment

(675)

244

(957)

Other comprehensive income (loss)

(3,091)

(857)

(1,937)

Comprehensive income (loss)

(114,324)

(242,287)

(27,630)

Net (income) loss attributable to noncontrolling interests

(718)

1,500

3,629

Comprehensive income (loss) attributable to iStar Financial Inc.

$ (115,042)

$ (240,787)

$ (24,001)

[1]	For the year ended December 31, 2013, $266 and $593 are included in "Other income" and "Earnings from equity method investments," respectively, on the Company's Consolidated Statements of Operations.
[2]	Included in "Interest expense" on the Company's Consolidated Statements of Operations.
[3]	Included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations.

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical)
$ in Thousands

12 Months Ended

Dec. 31, 2013

USD ($)

Reclassification of gains/(losses) on available-for-sale securities into earnings upon realization

$ 859

^[1]

Other Income

Reclassification of gains/(losses) on available-for-sale securities into earnings upon realization

266

Earnings from Equity Method Investments

Reclassification of gains/(losses) on available-for-sale securities into earnings upon realization

$ 593

[1]	For the year ended December 31, 2013, $266 and $593 are included in "Other income" and "Earnings from equity method investments," respectively, on the Company's Consolidated Statements of Operations.

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

Total

Preferred Stock

Series J Preferred Stock

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, 2010

$ 1,694,659

$ 22

^[1]

$ 9,800

$ 138

$ 3,809,071

$ (2,014,013)

$ 1,609

$ (158,492)

$ 46,524

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

Dividends declared—preferred

(42,320)

Issuance of stock/restricted stock unit amortization, net

25,391

25,389

Net income (loss) for the period

^[2]

(25,667)

(22,064)

(3,603)

Change in accumulated other comprehensive income (loss)

(1,937)

Repurchase of stock

(78,849)

$ 0

(78,849)

Contributions from noncontrolling interests

3,917

Distributions to noncontrolling interests

(1,590)

Balance at Dec. 31, 2011

1,573,604

^[1]

9,800

140

3,834,460

(2,078,397)

(328)

(237,341)

45,248

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

Dividends declared—preferred

(42,320)

Issuance of stock/restricted stock unit amortization, net

2,708

2,705

Net income (loss) for the period

^[2]

(240,618)

(239,930)

(688)

Change in accumulated other comprehensive income (loss)

(857)

Repurchase of stock

(4,628)

Repurchase of convertible notes

(2,728)

Additional paid in capital attributable to redeemable noncontrolling interest

(1,657)

Contributions from noncontrolling interests

^[3]

32,654

Distributions to noncontrolling interests

(3,004)

Balance at Dec. 31, 2012

1,313,154

^[1]

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

^[1]

193,506

Dividends declared—preferred

(49,020)

Issuance of stock/restricted stock unit amortization, net

(1,375)

(1,376)

Net income (loss) for the period

^[2]

(108,114)

(111,951)

3,837

Change in accumulated other comprehensive income (loss)

(3,091)

Repurchase of stock

(20,985)

Additional paid in capital attributable to redeemable noncontrolling interest

(2,772)

^[4]

(2,772)

Contributions from noncontrolling interests

^[5]

10,264

Distributions to noncontrolling interests

^[4]

(30,106)

Balance at Dec. 31, 2013

$ 1,301,465

$ 22

^[1]

$ 4

^[1]

$ 9,800

$ 144

$ 4,022,138

$ (2,521,618)

$ (4,276)

$ (262,954)

$ 58,205

[1]	See Note 11 for details on the Company's Cumulative Redeemable Preferred Stock.
[2]	For the years ended December 31, 2013, 2012 and 2011, net loss shown above excludes $(3,119), $(812) and $(26), respectively, of net loss attributable to redeemable noncontrolling interests.
[3]	Includes $27.3 million of land assets contributed by a noncontrolling partner (see Note 4).
[4]	Includes an $8.8 million payment to redeem a noncontrolling member's interest.
[5]	Includes $9.4 million of operating property assets contributed by a noncontrolling partner (see Note 4).

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net income (loss) attributable to redeemable noncontrolling interest	$ (3,119)	$ (812)	$ (26)
Payments for repurchase of redeemable noncontrolling interest	8,800
Strategic Venture, Commercial Operating Properties
Properties acquired in joint venture	$ 9,400
Corporate Joint Venture [Member]
Fair value of assets acquired		$ 27,300

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

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Cash flows from operating activities:

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

$ (111,233)

$ (241,430)

$ (25,693)

5,489

81,740

^[1]

46,412

^[1]

Loss on transfer of interest to unconsolidated subsidiary

14,507

38,077

22,386

7,373

Payments for withholding taxes upon vesting of stock-based compensation

71,530

70,786

63,928

(14,098)

(12,589)

(6,273)

Non-cash expense for stock-based compensation

19,261

15,293

29,702

Amortization of discounts/premiums and deferred financing costs on debt

20,915

31,981

32,345

Amortization of discounts/premiums and deferred interest on loans

(36,787)

(47,279)

(62,194)

Earnings from equity method investments

(41,520)

(103,009)

(95,091)

Distributions from operations of equity method investments

17,252

105,586

85,766

Deferred operating lease income

(12,077)

(11,812)

(9,390)

Deferred income taxes

(13,729)

(86,658)

(63,472)

(5,721)

(Gain) loss on early extinguishment of debt, net

(22,233)

(27,257)

(25,110)

19,655

22,405

(97,742)

Repayments and repurchases of debt—debt discount and prepayment penalty

(24,001)

(74,712)

(5,748)

Other operating activities, net

6,917

9,427

6,492

Changes in assets and liabilities:

Changes in accrued interest and operating lease income receivable, net

2,310

1,337

4,793

Changes in deferred expenses and other assets, net

(23,012)

1,271

20,580

Changes in accounts payable, accrued expenses and other liabilities

5,945

11,725

5,710

Cash flows from operating activities

(180,465)

(191,932)

(28,577)

Cash flows from investing activities:

Investment originations and fundings

(257,600)

(47,603)

(120,333)

Acquisitions of and capital expenditures on real estate assets

(211,767)

(92,820)

(64,169)

Repayments of and principal collections on loans

613,615

728,657

1,208,403

Net proceeds from sales of loans

81,614

56,998

95,859

Net proceeds from sales of real estate

437,817

562,705

215,930

Net proceeds from sale of other investments

220,281

Distributions from other investments

36,918

78,238

188,467

Contributions to other investments

(12,784)

(10,640)

(41,820)

Changes in restricted cash held in connection with investing activities

(19,388)

(5,127)

(20,042)

Other investing activities, net

4,741

(3,361)

(1,038)

Cash flows from investing activities

893,447

1,267,047

1,461,257

Cash flows from financing activities:

Repayments of debt obligations

1,444,565

3,498,794

3,037,825

(1,984,102)

(4,608,133)

(4,464,254)

Payments for deferred financing costs

(17,539)

(21,662)

(35,545)

Preferred dividends paid

(49,020)

(42,320)

Proceeds from issuance of preferred stock

193,510

Purchase of treasury stock

(20,985)

(4,628)

(78,849)

Other financing activities, net

(22,187)

2,352

2,424

Cash flows from financing activities

(455,758)

(1,175,597)

(1,580,719)

Changes in cash and cash equivalents

257,224

(100,482)

(148,039)

Cash and cash equivalents at beginning of period

256,344

356,826

504,865

Cash and cash equivalents at end of period

513,568

256,344

356,826

Cash paid during the period for interest, net of amount capitalized

$ 237,457

$ 329,546

$ 322,601

[1]	For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively.

Business and Organization	12 Months Ended
Business and Organization	Dec. 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 lease, operating properties and land. Organization—The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new lending and leasing transactions, as well as through corporate acquisitions.

Basis of Presentation and Principles of Consolidation	12 Months Ended
Basis of Presentation and Principles of Consolidation	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Basis of Presentation—The accompanying audited Consolidated Financial Statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain prior year amounts have been reclassified in the Consolidated Financial Statements and the related notes to conform to the current period presentation. Principles of Consolidation—The Consolidated Financial Statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and variable interest entities ("VIEs") for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "operating lease income," "interest income," "earnings from equity method investments," "real estate expense" and "interest expense" in the Company's Consolidated Statements of Operations. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide. Consolidated VIEs—As of December 31, 2013, the Company consolidated five VIEs for which the Company is considered the primary beneficiary. At December 31, 2013, the total assets of these consolidated VIEs were $216.1 million and total liabilities were $33.9 million. The classifications of these assets are primarily within "real estate, net," "loans receivable and other lending investments, net" and "other investments" on the Company's Consolidated Balance Sheets. The classifications of liabilities are primarily within "debt obligations, net," and "accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company's total unfunded commitments related to consolidated VIEs was $38.8 million as of December 31, 2013. Unconsolidated VIEs—As of December 31, 2013, 28 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 December 31, 2013, the Company's maximum exposure to loss from these investments does not exceed the sum of the $179.2 million carrying value of the investments, which are classified in "other investments" on the Company's Consolidated Balance Sheets, and $29.6 million of related unfunded commitments.

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Real estate—Real estate assets are recorded at cost less accumulated depreciation and amortization, as follows:

Capitalization and depreciation— Certain improvements and replacements are capitalized when they extend the useful life of the asset. Qualified development and construction costs, including interest and certain other carrying costs incurred during the construction and/or renovation periods are also capitalized and charged to operations through depreciation over the asset's estimated useful life. The Company ceases capitalization on the portions substantially completed and capitalizes only those costs associated with the portions under development. Repairs and maintenance items are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements.

Purchase price allocation—Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's Consolidated Balance Sheets.

The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of above-market leases, in-place leases and the value of customer relationships, which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's Consolidated Balance Sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's Consolidated Balance Sheets. In-place leases and customer relationships are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations. The capitalized above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company also engages in sale/leaseback transactions and typically executes leases with the occupant simultaneously with the purchase of the net lease asset.

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

Real estate available and held for sale—The Company reports real estate assets to be disposed of at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's Consolidated Balance Sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded and historical operating results, including impairments, are reclassified to "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations.

If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's Consolidated Balance Sheets. The Company measures and records a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used, or (ii) the estimated fair value at the date of the subsequent decision not to sell.

The Company reports residential property units to be disposed of at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's Consolidated Balance Sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in “Impairment of assets” on the Company's Consolidated Statements of Operations. The net carrying costs for residential property units are recorded in “Real estate expense” on the Company's Consolidated Statements of Operations.

Dispositions—Sales and the associated gains or losses on real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 360-20, Real Estate Sales. Sales and the associated gains for residential property are recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company uses the relative sales value method to allocate costs. Profits on sales of residential property are included in "Income from sales of residential property" and gains on sales of net lease assets or commercial operating properties are recorded in “Gains from discontinued operations” on the Company's Consolidated Statements of Operations.

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

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

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

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

The Company acquires properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the reserve for loan losses as of the date of foreclosure.

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

To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net (loss) income of the unconsolidated subsidiary. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately small interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors.

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

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

Restricted cash—Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions.

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

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

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

Identified intangible assets and liabilities—Upon the acquisition of a business, the Company records intangible assets or liabilities acquired at their estimated fair values separate and apart from goodwill. The Company determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2013, all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" on the Company's Consolidated Statements of Operations.

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

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

The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” on the Company's Consolidated Statements of Operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period.

Management estimates losses within its operating lease income receivable and deferred operating lease income receivable balances as of the balance sheet date and incorporates an asset-specific component, as well as a general, formula-based reserve based on management's evaluation of the credit risks associated with these receivables. At December 31, 2013 and 2012, the total allowance for doubtful accounts related to tenant receivables, including deferred operating lease income receivable, was $5.9 million and $5.6 million, respectively.

Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method.

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

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

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

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

The Company holds certain loans initially acquired at a discount, for which it was probable, at acquisition, that all contractually required payments would not be received. The Company does not have a reasonable expectation about the timing and amount of cash flows expected to be collected on these loans and recognizes income when cash is received.

Other income: Other income includes revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales.

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

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

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

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

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

Gain or loss on debt extinguishments—The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Gain (loss) on early extinguishment of debt, net” on the Company's Consolidated Statements of Operations.

Derivative instruments and hedging activity—The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure and foreign exchange contracts to manage our risk to changes in foreign currencies.

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

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

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

Income taxes—The Company has elected to be qualified and taxed as a REIT under section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is subject to federal income taxation at corporate rates on its REIT taxable income, however, the Company is allowed a deduction for the amount of dividends paid to its shareholders, thereby subjecting the distributed net income of the Company to taxation at the shareholder level only. While it must distribute at least 90% of its taxable income in order to maintain its REIT status, the Company typically distributes all of its taxable income, if any, in order to minimize any tax on undistributed taxable income. In addition, the Company is allowed several other deductions in computing its REIT taxable income, including non-cash items such as depreciation expense and certain specific reserve amounts that the Company deems to be uncollectable. These deductions allow the Company to reduce its dividend payout requirement under federal tax laws. In addition, the Company has made foreclosure elections for certain properties acquired through foreclosure which allows the Company to operate these properties within the REIT but subjects them to certain tax obligations. The carrying value of assets with foreclosure elections as of December 31, 2013 is $1.12 billion. The Company intends to operate in a manner consistent with and its election to be treated as a REIT for tax purposes. As of December 31, 2012, the Company had $634.2 million of net operating loss carryforwards at the corporate REIT level, which can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2032 if unused. The amount of net operating loss carryforwards as of December 31, 2013 will be subject to finalization of the Company's 2013 tax return. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" on the Company's Consolidated Statements of Operations.

The Company can participate in certain activities from which it would be otherwise precluded in order to maintain its qualification as a REIT, as long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRSs"), is engaged in various real estate related opportunities, primarily related to managing activities related to certain foreclosed assets, as well as managing various investments in equity affiliates. As of December 31, 2013, $633.9 million of the Company's assets were owned by TRS entities. The Company's TRS entities are not consolidated for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities.

The following represents the Company's TRS income tax expense ($ in thousands):



	For the Years Ended December 31,
	2013		2012			2011
Current tax (expense) benefit	$	659	$	(8,445	)	$	(9,010	)
Deferred tax (expense) benefit	—		—			13,729
Total income tax (expense) benefit	$	659	$	(8,445	)	$	4,719

During the year ended December 31, 2013, the Company's TRS entities generated a taxable loss of $1.8 million, resulting in current tax benefit of $0.7 million. During the year ended December 31, 2012, the Company's TRS entities generated taxable income of $42.2 million which was partially offset by the utilization of net operating loss carryforwards, resulting in current tax expense of $8.4 million. During the year ended December 31, 2011, the Company's TRS entities generated taxable income of $75.8 million, which was partially offset by the utilization of net operating loss carryforwards, resulting in tax expense of $9.0 million. In addition, during the year ended December 31, 2011, the Company sold its investment in Oak Hill Advisors L.P. (see Note 6) and recognized a deferred tax benefit resulting from the reversal of a deferred tax liability associated with the investment.

Total cash paid for taxes for the years ended December 31, 2013, 2012 and 2011, was $9.2 million, $5.5 million and $8.5 million, respectively.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as operating loss and tax credit carryforwards. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2013 and 2012, respectively. Changes in estimate of deferred tax asset realizability, if any are included in "Income tax (expense) benefit" on the Consolidated Statements of Operations.

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



	As of December 31,
	2013			2012
Deferred tax assets(1)	$	55,962		$	40,800
Valuation allowance	(55,962		)	(40,800		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________

(1)

Deferred tax assets as of December 31, 2013, include real estate basis differences of $33.0 million, net operating loss carryforwards of $14.9 million and investment basis differences of $8.1 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.

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

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

Real Estate

12 Months Ended

Dec. 31, 2013

Real Estate [Abstract]

Real Estate

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



	Net Lease			Operating Properties			Land			Total
As of December 31, 2013
Land and land improvements	$	350,817		$	132,934		$	803,238		$	1,286,989
Buildings and improvements	1,346,071			587,574			—			1,933,645
Less: accumulated depreciation and amortization	(338,640		)	(82,420		)	(3,393		)	(424,453		)
Real estate, net	$	1,358,248		$	638,088		$	799,845		$	2,796,181
Real estate available and held for sale	—			228,328			132,189			360,517
Total real estate	$	1,358,248		$	866,416		$	932,034		$	3,156,698
As of December 31, 2012
Land and land improvements	$	344,239		$	132,028		$	786,114		$	1,262,381
Buildings and improvements	1,282,571			572,453			—			1,855,024
Less: accumulated depreciation and amortization	(310,605		)	(65,409		)	(2,292		)	(378,306		)
Real estate, net	$	1,316,205		$	639,072		$	783,822		$	2,739,099
Real estate available and held for sale	—			454,587			181,278			635,865
Total real estate	$	1,316,205		$	1,093,659		$	965,100		$	3,374,964

Real estate available and held for sale—As of December 31, 2013 and 2012, the Company had $221.0 million and $374.1 million, respectively, of residential properties available for sale in its operating properties portfolio.

During the year ended December 31, 2013, the Company reclassified two land properties with a carrying value of $49.7 million from held for sale to held for investment due to changes in the Company's business plan for the properties. These assets are included in "Real estate, net" on the Company's Consolidated Balance Sheets. There were no operations to reclassify on the Company's Consolidated Statement of Operations as a result of this change. During the same period, the Company reclassified three land assets with a carrying value of $31.8 million and a net lease asset with a carrying value of $9.8 million to held for sale due to executed contracts with third parties. The net lease asset was disposed of for a gain of $3.6 million during the year ended December 31, 2013. The gain was recorded in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. The results of operations for the net lease assets that were reclassified are included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations for all periods presented (see table below). The three land properties were sold during the year ended December 31, 2013 for a gain of $0.6 million. These gains were recorded in "Income from residential property" on the Company's Consolidated Statements of Operations.

During the year ended December 31, 2012, the Company had a change in its business plans to sell two commercial operating properties previously considered held for sale. As of December 31, 2012, the carrying amount of these assets was $49.8 million and was recorded in Real Estate, net. The assets were reclassified back to real estate held and used at their carrying value prior to classification as held for sale and adjusted for depreciation expense of $3.3 million during the held for sale period, which was lower than the assets' fair value at the time of the change in plans to sell. In connection with the reclassification of these assets to held and used, the Company reclassified their results of operations for each of the periods presented, as follows:



	For the Years Ended December 31,
	2012			2011
Other income	$	21,148		$	21,663
Real estate expenses	$	(22,603	)	$	(24,297	)

Acquisitions—During the year ended December 31, 2013, the Company acquired a net lease asset, which was leased back to the seller, for a purchase price of $93.6 million, including intangible assets of $36.1 million, intangible liabilities of $11.9 million and acquisition-related costs of $0.2 million. The Company concluded that the transaction was a real estate asset acquisition and capitalized the acquisition-related costs. The intangible assets are included in "Deferred expenses and other assets, net" and the intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The lease is classified as an operating lease.

During the year ended December 31, 2013, the Company acquired, via foreclosure, title to a residential operating property and two land properties, each of which previously served as collateral on loans receivable held by the Company. The total fair value of the land properties was $15.6 million. The Company contributed the residential operating property, which had a fair value of $25.5 million, to an entity, of which it owns 63%. Based on the control provisions in the partnership agreement, the Company consolidates the entity and reflects its partner's 37% share of equity in "Noncontrolling interests" on the Company's Consolidated Balance Sheets. The acquisition was accounted for at fair value. No gain or loss was recorded in conjunction with these transactions.

During the year ended December 31, 2012, the Company acquired, via foreclosure, title to properties, which previously served as collateral on loan receivables held by the Company with a total fair value of $269.1 million at the time of foreclosure. These properties included $172.4 million of residential operating properties, $63.4 million of commercial operating properties and $33.3 million of land assets.

During the year ended December 31, 2012, the Company also acquired land and other assets with a fair value of $27.3 million from a third party to form a new venture related to one of the Company's commercial operating properties. The third party contributed land into the venture in a non-cash exchange for a non-controlling interest and the Company continues to consolidate the subsidiary. In conjunction with the formation of this new venture, the venture contributed land with a recorded value of $11.6 million in a non-cash exchange for a 40% noncontrolling equity interest in a separate new venture. The Company did not recognize any gains or losses associated with these transactions.

In addition, during 2012, the Company acquired land and other assets with a fair value of $11.5 million from a third party to form a new strategic venture related to one of the Company's active land development projects. The third party contributed land into the venture in a non-cash exchange for a non-controlling interest and the Company continues to consolidate the subsidiary. The Company did not recognize any gains or losses associated with the transaction. Based upon certain rights held by the minority partner in this land venture that provide it with an option to redeem its interest at fair value after seven years, the Company has reflected the partner's non-controlling interest in this venture as a redeemable non-controlling interest within its Consolidated Balance Sheets. As it is probable that the interest will become redeemable, subsequent changes in fair value are being accreted over the seven year period from the date of issuance to the earliest redemption date using the interest method. As of December 31, 2013 and 2012, the estimated redemption value of the redeemable non-controlling interest was $17.4 million and $17.9 million, respectively.

Dispositions—During the years ended December 31, 2013, 2012, and 2011, the Company sold residential condominiums for total net proceeds of $269.7 million, $319.3 million and $154.0 million, respectively, and recorded income from sales of residential properties totaling $82.6 million, $63.5 million and $5.7 million, respectively.

During the year ended December 31, 2013, the Company sold land for net proceeds of $21.4 million to a newly formed unconsolidated entity in which the Company also received a preferred partnership interest and a 47.5% equity interest. The Company recognized a gain of $3.4 million, reflecting the proportionate share of our sold interest, which was recorded as "Income from sales of residential property" on the Company's Consolidated Statements of Operations. The Company also sold land with a carrying value of $18.9 million for proceeds that approximated carrying value.

During the year ended December 31, 2013, the Company contributed land with carrying value of $24.1 million to a newly formed unconsolidated entity in which the Company received an equity interest of 75.6%. As a result of the transfer, the Company recognized a $7.4 million loss, which was recorded as "Loss on transfer of interest to unconsolidated subsidiary" on the Company's Consolidated Statements of Operations. In addition, during the year ended December 31, 2013, the Company contributed land with a carrying value of $2.8 million to a newly formed unconsolidated entity in which the Company also received a 50.0% equity interest. No gain or loss was recorded in conjunction with the transaction.

Additionally, during the year ended December 31, 2013, the Company sold five net lease assets with a carrying value of $18.7 million resulting in a net gain of $2.2 million. During the same period the Company sold six commercial operating properties with a carrying value of $72.6 million resulting in a net gain of $18.6 million. These gains were recorded as "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. The Company also sold a land asset with a carrying value of $14.8 million resulting in a gain of $0.6 million, which was included in "Income from sales of residential property" on the Company's Consolidated Statements of Operations.

Also, during the year ended December 31, 2013, the Company transferred title of net lease assets with a carrying value of $8.7 million to its tenant for consideration that approximated our carrying value.

During the year ended December 31, 2012, the Company sold a portfolio of 12 net lease assets with an aggregate carrying value of $105.7 million and recorded a gain of $24.9 million resulting from the transaction. Certain of the properties were subject to secured term loans with a remaining principal balance of $50.8 million that were repaid in full at closing (see Note 8). In addition to this portfolio sale, during 2012, the Company sold net lease assets with a carrying value of $9.8 million, resulting in a net gain of $2.4 million. These gains were recorded as "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. During the year ended December 31, 2012, the Company sold commercial operating properties with an aggregate carrying value of $29.3 million and land assets with a carrying value of $72.1 million for proceeds that approximated carrying value.

During the year ended December 31, 2011, the Company sold net lease assets with carrying values of $34.1 million, resulting in a net gain of $3.2 million, which was recorded in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. During 2011, the Company also sold commercial operating properties with an aggregate carrying value of $17.9 million and land assets with a carrying value of $9.5 million for proceeds that approximated carrying value. In addition, during 2011, the Company realized $22.2 million of a gain previously deferred resulting from the sale of a portfolio of 32 net lease assets in 2010. The gain was recorded in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations during the year ended December 31, 2011.

Discontinued Operations—The following table summarizes income (loss) from discontinued operations for the years ended December 31, 2013, 2012 and 2011, respectively ($ in thousands):



	For the Years Ended December 31,
	2013			2012			2011
Revenues	$	5,545		$	14,132		$	23,090
Total expenses	(3,138		)	(9,037		)	(19,457		)
Impairment of assets	(1,763		)	(22,576		)	(9,147		)
Income (loss) from discontinued operations	$	644		$	(17,481	)	$	(5,514	)

Impairments—During the years ended December 31, 2013, 2012 and 2011 the Company recorded impairments on real estate assets totaling $14.4 million, $35.4 million and $22.4 million, respectively, resulting from changes in local market conditions and business strategy for certain assets. Of these amounts, $1.8 million, $22.6 million and $9.1 million for the years ended December 31, 2013, 2012 and 2011, respectively, have been recorded in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations due to the assets being sold or classified as held for sale as of December 31, 2013 (see above).

Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements for the years ended December 31, 2013, 2012 and 2011 were $31.8 million, $30.9 million and $29.4 million, respectively, and are included in “Operating lease income” on the Company's Consolidated Statements of Operations.

Future Minimum Operating Lease Payments—Future minimum operating lease payments under non-cancelable leases, excluding customer reimbursements of expenses, in effect at December 31, 2013, are as follows ($ in thousands):



Year	Net Lease Assets		Operating Properties
2014	$	132,996	$	53,283
2015	$	133,272	$	48,851
2016	$	131,738	$	46,476
2017	$	125,142	$	44,516
2018	$	123,464	$	37,979

Loans Receivable and Other Lending Investments, net

12 Months Ended

Dec. 31, 2013

Receivables [Abstract]

Loans Receivable and Other Lending Investments, net

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



	As of December 31,
Type of Investment	2013			2012
Senior mortgages	$	1,071,662		$	1,751,256
Subordinate mortgages	60,679			152,737
Corporate/Partnership loans	473,045			450,491
Total gross carrying value of loans	$	1,605,386		$	2,354,484
Reserves for loan losses	(377,204		)	(524,499		)
Total loans receivable, net	$	1,228,182		$	1,829,985
Other lending investments—securities	141,927			—
Total loans receivable and other lending investments, net(1)	$	1,370,109		$	1,829,985

Explanatory Note:

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

During the years ended December 31, 2013, 2012 and 2011, the Company sold loans with total carrying values of $95.1 million, $53.9 million and $144.9 million, respectively, which resulted in a net realized loss of $0.6 million, a net gain of $6.4 million and no gain or loss, respectively. Gains and losses on sales of loans are included in "Other income" on the Company's Consolidated Statements of Operations.

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



	For the Years Ended December 31,
	2013			2012			2011
Reserve for loan losses at beginning of period	$	524,499		$	646,624		$	814,625
Provision for loan losses(1)	5,489			81,740			46,412
Charge-offs	(152,784		)	(203,865		)	(214,413		)
Reserve for loan losses at end of period	$	377,204		$	524,499		$	646,624

Explanatory Note:

_______________________________________________________________________________


(1)	For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively.

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



	Individually Evaluated for Impairment(1)			Collectively Evaluated for Impairment(2)			Loans Acquired with Deteriorated Credit Quality(3)			Total
As of December 31, 2013
Loans	$	752,425		$	849,613		$	9,889		$	1,611,927
Less: Reserve for loan losses	(348,004		)	(29,200		)	—			(377,204		)
Total	$	404,421		$	820,413		$	9,889		$	1,234,723
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 premium of $0.5 million and a net discount of $4.0 million as of December 31, 2013 and 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 $4.6 million and $3.8 million as of December 31, 2013 and 2012, respectively.


(3)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million and $0.1 million as of December 31, 2013 and 2012, respectively. These loans had cumulative principal balances of $10.2 million and $58.8 million, as of December 31, 2013 and 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. Risk ratings are based on judgments which are inherently uncertain and there can be no assurance that actual performance will not be different than current expectation.

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



	As of
	December 31, 2013			December 31, 2012
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	591,145	2.50	$	840,593	2.75
Subordinate mortgages	61,364		3.37	99,698		2.27
Corporate/Partnership loans	438,831		3.88	444,772		3.69
Total	$	1,091,340	3.11	$	1,385,063	3.01

As of December 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	$	625,267	$	—	$	449,085	$	449,085	$	1,074,352
Subordinate mortgages	61,364		—		—		—		61,364
Corporate/Partnership loans	476,211		—		—		—		476,211
Total	$	1,162,842	$	—	$	449,085	$	449,085	$	1,611,927

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



	As of December 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	$	3,012	$	2,992	$	—		$	108,077	$	107,850	$	—
Corporate/Partnership loans	—		—		—			10,110		10,160		—
Subtotal	$	3,012	$	2,992	$	—		$	118,187	$	118,010	$	—
With an allowance recorded:
Senior mortgages	$	650,337	$	645,463	$	(304,544	)	$	918,975	$	918,496	$	(442,760	)
Subordinate mortgages	—		—		—			53,979		53,679		(39,579		)
Corporate/Partnership loans	99,076		99,067		(43,460		)	63,096		63,246		(9,060		)
Subtotal	$	749,413	$	744,530	$	(348,004	)	$	1,036,050	$	1,035,421	$	(491,399	)
Total:
Senior mortgages	$	653,349	$	648,455	$	(304,544	)	$	1,027,052	$	1,026,346	$	(442,760	)
Subordinate mortgages	—		—		—			53,979		53,679		(39,579		)
Corporate/Partnership loans	99,076		99,067		(43,460		)	73,206		73,406		(9,060		)
Total	$	752,425	$	747,522	$	(348,004	)	$	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 December 31, 2013 and 2012, certain loans modified through troubled debt restructurings with a recorded investment of $231.8 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 Years Ended December 31,
	2013				2012				2011
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	31,409	$	9,269	$	162,093	$	2,765	$	309,079	$	31,799
Corporate/Partnership loans	8,062		6,050		10,110		160		10,110		680
Subtotal	$	39,471	$	15,319	$	172,203	$	2,925	$	319,189	$	32,479
With an allowance recorded:
Senior mortgages	$	794,247	$	1,976	$	1,064,045	$	3,865	$	1,608,486	$	7,187
Subordinate mortgages	32,382		—		52,208		—		19,477		—
Corporate/Partnership loans	77,661		323		62,248		312		66,087		332
Subtotal	$	904,290	$	2,299	$	1,178,501	$	4,177	$	1,694,050	$	7,519
Total:
Senior mortgages	$	825,656	$	11,245	$	1,226,138	$	6,630	$	1,917,565	$	38,986
Subordinate mortgages	32,382		—		52,208		—		19,477		—
Corporate/Partnership loans	85,723		6,373		72,358		472		76,197		1,012
Total	$	943,761	$	17,618	$	1,350,704	$	7,102	$	2,013,239	$	39,998

During the years ended December 31, 2013, 2012 and 2011, the Company recorded interest income of $13.3 million, $0.0 million and $26.3 million, respectively, related to the resolution of certain non-performing loans. Interest income was not previously recorded while the loans were on non-accrual status.

Troubled Debt Restructurings—During the years ended December 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 Years Ended December 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	6	$	179,030	$	154,278	8	$	319,667	$	272,753

Troubled debt restructurings that occurred during the year ended December 31, 2013 included the modification of two performing loans with a combined recorded investment of $4.6 million. The modified terms of these loans granted maturity extensions of one year. 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 investment of $174.5 million were also modified during the year ended December 31, 2013. Included in this balance were two loans with a combined recorded investment of $98.3 million in which the Company received $15.4 million of paydowns and accepted discounted payoff options on these loans, with final payments expected to be made in January 2014 and July 2014 and the loans were reclassified from non-performing to performing status as the Company believes the borrowers can perform under the modified terms of the agreements. The remaining loans were granted payoff option extensions ranging from one year to three years. These loans continued to be classified as non-performing subsequent to modification.

Troubled debt restructurings that occurred during the year ended December 31, 2012 included the modifications of performing loans with a combined recorded investment of $64.1 million. The modified terms of these loans granted maturity extensions ranging from one year to three years 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 $255.6 million were also modified during the year ended December 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 reduce 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 December 31, 2013, the Company had $13.3 million of unfunded commitments associated with modified loans considered troubled debt restructurings.

Troubled debt restructurings that subsequently defaulted during the period were as follows ($ in thousands):



	For the Years Ended December 31,
	2013			2012
	Number of Loans	Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment
Senior mortgages	1	$	26,693	1	$	18,511

Securities—As of December 31, 2013, Other lending investments—securities includes the following ($ in thousands):



	Face Value		Amortized Cost Basis		Net Unrealized Gain (Loss)			Estimated Fair Value		Net Carrying Value
Available-for-Sale Securities
Municipal debt securities	$	1,055	$	1,055	$	(18	)	$	1,037	$	1,037
Held-to-Maturity Securities
Corporate debt securities	139,842		140,890		—			140,890		140,890
Total	$	140,897	$	141,945	$	(18	)	$	141,927	$	141,927

During the year ended December 31, 2013, the Company originated a mandatorily redeemable preferred equity investment, which has an initial term of three years with two 12-month extensions. At December 31, 2013, the Company's investment was $140.9 million and the unfunded commitment was $6.2 million. The investment is classified as a held-to-maturity debt security as the Company has the ability and intent to hold the investment until maturity.

As of December 31, 2013, the contractual maturities of the Company's securities were as follows ($ in thousands):



	Held-to-Maturity Securities				Available-for-Sale Securities
	Amortized Cost Basis		Estimated Fair Value		Amortized Cost Basis		Estimated Fair Value
Maturities
Within one year	$	—	$	—	$	—	$	—
After one year through 5 years	140,890		140,890		—		—
After 5 years through 10 years	—		—		—		—
After 10 years	—		—		1,055		1,037
Total	$	140,890	$	140,890	$	1,055	$	1,037

Other Investments

12 Months Ended

Dec. 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				Equity in Earnings
	As of December 31,				For the Years Ended December 31,
	2013		2012		2013		2012		2011
LNR	$	—	$	205,773	$	16,465	$	60,669	$	53,861
Madison Funds	67,782		56,547		14,796		10,246		3,641
Oak Hill Funds	21,366		29,840		4,174		5,844		1,918
Real estate equity investments	62,205		47,619		2,753		21,636		(5,273		)
Other equity method investments(1)	45,954		47,939		3,332		4,614		40,944
Total equity method investments	$	197,307	$	387,718	$	41,520	$	103,009	$	95,091
Other	9,902		11,125
Total other investments	$	207,209	$	398,843

Explanatory Note:

_______________________________________________________________________________


(1)	For the year ended December 31, 2011, equity in earnings includes $38.4 million of earnings related to Oak Hill Advisors, L.P. and related entities that were sold in October 2011.

LNR—In July 2010, the Company acquired an ownership interest of approximately 24% in LNR Property Corporation ("LNR"). LNR is a servicer and special servicer of commercial mortgage loans and CMBS and a diversified real estate investment, finance and management company. In the transaction, the Company and a group of investors, including other creditors of LNR, acquired 100% of the common stock of LNR in exchange for cash and the extinguishment of existing senior notes of LNR's parent holding company (the "Holdco Notes"). The Company contributed $100.0 million aggregate principal amount of Holdco Notes and $100.0 million in cash in exchange for an equity interest of $120.0 million.

Beginning in September 2012, the Company and other owners of LNR entered into negotiations with potential purchasers of LNR. After an extensive due diligence and negotiation process, the LNR owners entered into a definitive contract to sell LNR in January 2013 at a fixed sale price which, from the Company's perspective, reflected in part the Company's then-current expectations about the future results of LNR and potential volatility in its business. The definitive sale contract provided that LNR would not make cash distributions to its owners during the fourth quarter of 2012 through the closing of the sale. Notwithstanding the fixed terms of the contract, our investment balance in LNR increased due to equity in earnings recorded which resulted in our recognition of other than temporary impairment on our investment during the year ended December 31, 2013. In April 2013, the Company completed the sale of its 24% equity interest in LNR and received $220.3 million in net proceeds. Approximately $25.2 million of net proceeds were placed in escrow for potential indemnification obligations through April 2014. The Company is not currently aware that any material indemnification claims are probable of occurring.

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



	For the Period from October 1, 2012 to April 19,			For the Years Ended September 30,
	2013			2012			2011
Income Statements
Total revenue(2)	$	179,373		$	332,902		$	327,032
Income tax (expense) benefit(3)	$	(2,137	)	$	(6,731	)	$	76,558
Net income attributable to LNR(4)	$	113,478		$	253,039		$	225,190
iStar's ownership percentage	24		%	24		%	24		%
iStar's equity in earnings from LNR(5)	$	45,375		$	60,669		$	53,861



	As of September 30,
	2013			2012
Balance Sheets
Total assets(2)	$	—		$	98,513,452
Total debt(2)	$	—		$	97,521,520
Total liabilities(2)	$	—		$	97,639,696
Noncontrolling interests	$	—		$	8,067
LNR Property LLC equity	$	—		$	865,689
iStar's ownership percentage	—		%	24		%
iStar's equity in LNR(6)	$	—		$	205,773



	For the Period from October 1, 2012 to April 19,			For the Years Ended September 30,
	2013			2012			2011
Cash Flows
Operating cash flows	$	(127,075	)	$	(85,909	)	$	170,703
Cash flows from investing activities	$	(36,543	)	$	(55,686	)	$	45,488
Cash flows from financing activities	$	217,241		$	229,634		$	(123,506	)
Net cash flows	$	53,623		$	88,039		$	92,685
Cash distributions	$	—		$	61,179		$	73,916
iStar's ownership percentage	24		%	24		%	24		%
Cash distributions received by iStar	—			14,690			17,722

Explanatory Notes:

_______________________________________________________________________________

(1)

The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively.

(2)

LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. As of September 30, 2012, the assets of these trusts, which aggregated $97.52 billion, were the sole source of repayment of the related liabilities, which aggregated $97.21 billion and are non-recourse to LNR and its equity holders, including the Company. Excluding the amounts related to VIEs, as of September 30, 2012, total assets were $1.38 billion , total debt was $398.9 million, and total liabilities were $517.1 million. In addition, total revenue presented above includes $55.5 million, $95.4 million, and $119.0 million for the period from October 1, 2012 to April 19, 2013 and for the years ended September 30, 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)	During the year ended December 31, 2011, LNR recorded an income tax benefit from the settlement of certain tax liabilities.

(4)

Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR as described above.


(5)	LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013.


(6)	Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively.

The following table reconciles the activity related to the Company's investment in LNR for the three months ended March 31, 2013 and June 30, 2013, the six months ended December 31, 2013 and for the year ended December 31, 2013 ($ in thousands):



	For the Three Months Ended March 31, 2013			For the Three Months Ended June 30, 2013			For the Six Months Ended December 31, 2013		For the Year Ended December 31, 2013
Carrying value of LNR at beginning of period	$	205,773		$	220,281		$	—	$	205,773
Equity in earnings of LNR for the period(1)	$	45,375		$	—		$	—	$	45,375		(a)
Balance before other than temporary impairment	$	251,148		$	220,281		$	—	$	251,148
Other than temporary impairment(1)	$	(30,867	)	$	—		$	—	$	(30,867	)	(b)
Sales proceeds pursuant to contract	$	—		$	(220,281	)	$	—	$	(220,281	)
Carrying value of LNR at end of period	$	220,281		$	—		$	—	$	—

Explanatory Notes:

_______________________________________________________________________________

(1)

For the year ended December 31, 2013, the amount that was recognized as income in the Company's Consolidated Statements of Operations is the sum of items (a), (b) and $1.7 million of income recognized for the release of other comprehensive income related to LNR upon sale, or $16.5 million.

Madison Funds—As of December 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 these entities are variable interest entities and that the Company is not the primary beneficiary.

Oak Hill Funds—As of December 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—During the year ended December 31, 2013, the Company sold land for net proceeds of $21.4 million to a newly formed unconsolidated entity in which the Company had a preferred partnership interest and a 47.5% equity interest. The Company's proportionate share of the assets retained on a carryover basis on the date of sale was $10.6 million. The Company held a preferred partnership interest of $6.6 million, which was repaid and no longer outstanding at December 31, 2013. As of December 31, 2013, the Company had a recorded equity interest of $5.5 million.

During the year ended December 31, 2013, the Company contributed land to a newly formed unconsolidated entity in which the Company received an equity interest of 75.6%. As of December 31, 2013, the Company had a recorded equity interest of $18.0 million. In addition, during the year ended December 31, 2013, the Company contributed land to a newly formed unconsolidated entity in which the Company also received a 50.0% equity interest. As of December 31, 2013, the Company had a recorded equity interest of $3.5 million.

In addition, as of December 31, 2013, the Company's other 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, $16.0 million in operating properties and $2.7 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 years ended December 31, 2013 and 2012, the Company's earnings from its interest in this property includes income from sales of residential units of $4.7 million and $26.0 million, respectively.

Oak Hill Advisors—In October 2011, the Company sold a substantial portion of its interests in Oak Hill Advisors, L.P. and related entities for $183.7 million of net cash proceeds, which resulted in a net gain of $30.3 million that was recorded in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. Glenn R. August, a former director of the Company and the president and senior partner of Oak Hill Advisors, L.P., participated in the transaction as a purchaser. In conjunction with the sale of its interests in Oak Hill Advisors, L.P., the Company retained interests in its share of certain unearned incentive fees of various funds. These fees are contingent on the future performance of the funds and the Company will recognize income related to these fees if and when the amounts are realized.

Other investments—The Company also had smaller investments in real estate related funds and other strategic investments in several other entities that were accounted for under the equity method or cost method.

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



	For the Years Ended December 31,
	2013		2012		2011
Income Statements
Revenues	$	284,513	$	401,870	$	198,340
Net income attributable to parent entities	$	206,198	$	304,960	$	97,066



	As of December 31,
	2013		2012
Balance Sheets
Total assets	$	2,980,737	$	2,758,889
Total liabilities	$	303,100	$	170,997
Noncontrolling interests	$	333	$	2,253
Total equity	$	2,677,304	$	2,585,639

Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2013

Other Assets and Other Liabilities

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



	As of December 31,
	2013		2012
Intangible assets, net(1)	$	100,652	$	69,134
Other receivables	34,655		11,517
Deferred financing fees, net(2)	33,591		26,629
Leasing costs, net(3)	21,799		20,205
Corporate furniture, fixtures and equipment, net(4)	6,557		7,537
Other assets	40,726		28,102
Deferred expenses and other assets, net	$	237,980	$	163,124

Explanatory Notes:

_______________________________________________________________________________

(1)

Intangible assets, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible assets was $38.1 million and $51.5 million as of December 31, 2013 and 2012, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $7.0 million, $5.8 million and $2.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The total amortization expense for intangible assets was $8.2 million, $7.0 million and $7.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are included in “Depreciation and amortization” on the Company's Consolidated Statements of Operations.


(2)	Accumulated amortization on deferred financing fees was $9.9 million and $4.1 million as of December 31, 2013 and 2012, respectively.


(3)	Accumulated amortization on leasing costs was $7.1 million and $6.6 million as of December 31, 2013 and 2012, respectively.


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

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



	As of December 31,
	2013		2012
Accrued expenses	$	58,840	$	50,467
Accrued interest payable	40,015		29,521
Intangible liabilities, net(1)	26,223		9,210
Other liabilities	45,753		52,472
Accounts payable, accrued expenses and other liabilities	$	170,831	$	141,670

Explanatory Note:

_______________________________________________________________________________

(1)

Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was $4.6 million and $2.2 million as of December 31, 2013 and 2012, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $2.8 million, $1.4 million and $0.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.

Intangible assets and liabilities—The estimated aggregate amortization costs for each of the five succeeding fiscal years are as follows ($ in thousands):



2014	$	10,530
2015	$	7,886
2016	$	7,122
2017	$	6,145
2018	$	4,295

Debt Obligations, net

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Debt Obligations, net

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



	Carrying Value as of December 31,
	2013			2012			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-1 Facility	$	—		$	169,164		LIBOR + 4.00%		(1)	—
2012 Tranche A-2 Facility	431,475			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	1,379,407			—			LIBOR + 3.50%		(3)	October 2017
Term loans collateralized by net lease assets	278,817			264,432			4.851% - 7.26%		(4)	Various through 2026
Total secured credit facilities and term loans	$	2,089,699		$	2,658,062
Unsecured notes:
8.625% senior notes	$	—		$	96,801		8.625	%		—
5.95% senior notes	—			448,453			5.95	%		—
5.70% senior notes	—			200,601			5.70	%		—
6.05% senior notes	105,765			105,765			6.05	%		April 2015
5.875% senior notes	261,403			261,403			5.875	%		March 2016
3.875% senior notes	265,000			—			3.875	%		July 2016
3.0% senior convertible notes(5)	200,000			200,000			3.0	%		November 2016
1.50% senior convertible notes(6)	200,000			—			1.50	%		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
4.875% senior notes	300,000			—			4.875	%		July 2018
Total unsecured notes	$	2,006,890		$	1,987,745
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.50%			October 2035
Total debt obligations	$	4,196,589		$	4,745,807
Debt discounts, net	(38,464		)	(54,313		)
Total debt obligations, net	$	4,158,125		$	4,691,494

Explanatory Notes:

_______________________________________________________________________________


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


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


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


(4)	Includes a loan with a floating rate of LIBOR plus 2.00% and a loan with a floating rate of LIBOR plus 2.75%.


(5)	The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016.


(6)	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016.

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



	Unsecured Debt			Secured Debt			Total
2014	$	—		$	21,657		$	21,657
2015	105,765			—			105,765
2016	926,403			—			926,403
2017	374,722			1,810,882			2,185,604
2018	600,000			17,052			617,052
Thereafter	100,000			240,108			340,108
Total principal maturities	$	2,106,890		$	2,089,699		$	4,196,589
Unamortized debt discounts, net	(11,081		)	(27,383		)	(38,464		)
Total long-term debt obligations, net	$	2,095,809		$	2,062,316		$	4,158,125

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, of which $14.4 million was capitalized in "Debt Obligations, net" on the Company's Consolidated Balance Sheets and $2.7 million was recorded as a loss in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations as it related to the lenders who did not participate in the new facility. The Company also incurred $3.8 million in third party fees, of which $3.6 million was recognized in “Other expense” on the Company's Consolidated Statements of Operations, as it related primarily to those lenders from the original facility that modified their debt under the new facility, and $0.2 million was 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 December 31, 2013, the Company has made cumulative amortization repayments of $327.6 million on the February 2013 Secured Credit Facility bringing the outstanding balance to $1.38 billion. Repayments of the February 2013 Secured Credit Facility prior to the scheduled maturity date have resulted in losses on early extinguishment of debt of $7.0 million for the year ended December 31, 2013 related to the accelerated amortization 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 the October 2012 Secured Credit Facility. Proceeds from the October 2012 Secured Credit Facility were used to refinance the remaining outstanding balances of the Company’s then existing 2011 Secured Credit Facilities.

During the year ended December 31, 2012, in connection with the October 2012 Secured Credit Facility transaction, the Company incurred $14.8 million in third party fees, of which $8.1 million was recognized in “Other expense” on the Company's Consolidated Statements of Operations as it related to the portion of lenders from the original facility that modified their debt under the new facility. The remaining $6.6 million of fees were recorded in “Deferred expenses and other assets, net” on the Company's Consolidated Balance Sheets, as they related to the portion of lenders that were new to the facility.

The October 2012 Secured Credit Facility was refinanced by the February 2013 Secured Credit Facility. Prior to refinancing, 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 and $1.2 million during the year ended December 31, 2013 and 2012, respectively, related to the accelerated amortization 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. During the year ended December 31, 2013, 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 into 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, together with cash on hand, 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 required 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.

During the year ended December 31, 2013, the Company repaid the remaining outstanding balance of the 2012 Tranche A-1 Facility. Repayments of the 2012 Tranche A-1 Facility prior to scheduled amortization dates have resulted in losses on early extinguishment of debt of $4.4 million and $8.1 million during the years ended December 31, 2013 and 2012, respectively, related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid.

Additionally, during the year ended December 31, 2013, the Company made cumulative amortization repayments of $38.5 million on the 2012 Tranche A-2 Facility prior to maturity have resulted in losses on early extinguishment of debt of $1.0 million related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid during the year.

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. Prior to refinancing, the Company made cumulative amortization repayments of $1.07 billion on the 2011 Secured Credit Facilities, which resulted in losses on early extinguishment of debt of $4.5 million and $12.0 million for the years ended December 31, 2012 and 2011, respectively, related to the accelerated amortization 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 $21.2 million of unamortized discounts and financing fees related to the 2011 Secured Credit Facilities. In connection with the refinancing, the Company recorded a loss on early extinguishment of debt of $12.1 million, related primarily to the portion of lenders in the original facility that did not participate in the new facility. The remaining $9.0 million of unamortized fees and discounts will continue to be amortized to interest expense over the remaining term of the October 2012 Secured Credit Facility.

Secured Term Loans—In October 2012, a consolidated subsidiary of the Company entered into a $28.0 million secured term loan maturing in November 2019, bearing interest at a rate of LIBOR + 2.00%. Simultaneously with the financing, the subsidiary entered into an interest rate swap to exchange its variable rate on the loan for a fixed interest rate (see Note 10).

In September 2012, the Company refinanced two secured term loans with an aggregate outstanding principal balance of $53.3 million, bearing interest at rates of 5.3% and 8.2% and maturing in January 2013 with a new $54.5 million secured term loan. The new loan bears interest at 4.851%, matures in October 2022 and is collateralized by the same net lease asset as the original term loan. In connection with the refinancing, the Company incurred $0.5 million of losses related to a prepayment penalty, which was recorded in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the year ended December 31, 2012.

In addition, during the year ended December 31, 2012, in conjunction with the sale of a portfolio of 12 net lease assets, the Company repaid the $50.8 million outstanding balances of its LIBOR + 4.50% secured term loans due in 2014 and terminated the related interest rate swaps associated with the loans (see Note 10).

Unsecured Credit Facility—During the year ended December 31, 2012, the Company repaid the $243.7 million remaining principal balance of its LIBOR + 0.85% unsecured credit facility due June 2012. In connection with the repayments, the Company recorded a loss on early extinguishment of debt of $0.2 million related to the accelerated amortization of discounts and unamortized deferred financing fees on the portion of the facility that was repaid.

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

Unsecured Notes—In November 2013, the Company issued $200.0 million aggregate principal of 1.50% convertible senior unsecured notes due November 2016. Proceeds from the transaction, together with cash on hand, was used to fully repay the remaining $200.6 million of outstanding 5.70% senior unsecured notes due March 2014. In connection with the repayment of the 5.70% senior unsecured notes, the Company incurred $2.8 million of losses related to a prepayment penalty and the accelerated amortization of discounts, which was recorded in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the year ended December 31, 2013.

In May 2013, the Company issued $265.0 million aggregate principal of 3.875% senior unsecured notes due July 2016 and issued $300.0 million aggregate principal of 4.875% senior unsecured notes due July 2018. Net proceeds from these transactions, together with cash on hand, were used to fully repay the remaining $96.8 million of outstanding 8.625% senior unsecured notes due June 2013 and the remaining $448.5 million of outstanding 5.95% senior unsecured notes due in October 2013. In connection with the repayment of the 5.95% senior unsecured notes, the Company incurred $9.5 million of losses related to a prepayment penalty and the accelerated amortization of discounts, which was recorded in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the year ended December 31, 2013.

In November 2012, the Company issued $300.0 million aggregate principal of 7.125% senior unsecured notes due February 2018 and issued $200.0 million aggregate principal of 3.00% convertible senior unsecured notes due November 2016. Proceeds from these transactions were used to fully repay $67.1 million of the 6.5% senior unsecured notes due December 2013 and partially repay $404.9 million of the 8.625% senior unsecured notes due June 2013. In connection with these repurchases, the Company paid a $14.9 million prepayment penalty which was reflected in "Gain (loss) on early extinguishment of debt, net" on the Company's Consolidated Statements of Operations for the year ended December 31, 2012.

In May 2012, the Company issued $275.0 million aggregate principal of 9.0% senior unsecured notes due June 2017 that were sold at 98.012% of their principal amount.

During the year ended December 31, 2012, the Company repaid, upon maturity, the $460.7 million outstanding principal balance of its LIBOR + 0.50% senior unsecured convertible notes, the $169.7 million outstanding principal balance of its 5.15% senior unsecured notes and the $90.3 million outstanding principal balance of its 5.50% senior unsecured notes. In addition, the Company repurchased $420.4 million par value of senior unsecured notes with various maturities ranging from March 2012 to October 2012. In connection with these repurchases, the Company recorded aggregate gains on early extinguishment of debt of $3.2 million, for the year ended December 31, 2012.

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



	As of December 31,
	2013				2012
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	1,644,463	$	1,151,718	$	1,640,005	$	1,099,094
Real estate available and held for sale	152,604		207,913		263,842		372,023
Loans receivable, net(1)	860,557		538,752		1,197,403		665,682
Other investments	24,093		183,116		43,545		355,298
Cash and other assets	—		907,995		—		556,207
Total	$	2,681,717	$	2,989,494	$	3,144,795	$	3,048,304

Explanatory Note:

_______________________________________________________________________________


(1)	As of December 31, 2013 and 2012, the amounts presented exclude general reserves for loan losses of $29.2 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, which may put limitations on its ability to make new investments, 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 the Company 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.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Unfunded Commitments—The Company generally funds construction and development loans and build-outs of space in net lease assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company sometimes establishes a maximum amount of additional funding which it will make available to a borrower or tenant for an expansion or addition to a project if it approves of the expansion or addition in its sole discretion. The Company refers to these arrangements as Discretionary Fundings. Finally, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments. As of December 31, 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 and Other Lending Investments		Real Estate		Strategic Investments		Total
Performance-Based Commitments	$	19,436	$	53,164	$	—	$	72,600
Discretionary Fundings	—		—		—		—
Strategic Investments	—		—		46,591		46,591
Total	$	19,436	$	53,164	$	46,591	$	119,191

Other Commitments—Total operating lease expense for the years ended December 31, 2013, 2012 and 2011 were $6.1 million, $6.5 million and $7.2 million, respectively. Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands):



2014	$	5,797
2015	$	5,287
2016	$	5,408
2017	$	5,023
2018	$	4,179
Thereafter	$	11,709

The Company also has issued letters of credit totaling $3.7 million in connection with its investments.

Legal Proceedings—The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings.

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.

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.

Risk Management and Derivatives

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management and Derivatives

Risk management

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

Risk concentrations—Concentrations of credit risks arise when a number of borrowers or tenants related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions.

Substantially all of the Company's real estate as well as assets collateralizing its loans receivable are located in the United States. As of December 31, 2013, the only state with a concentration greater than 10.0% was California with 15.1%. As of December 31, 2013, the Company's portfolio contains concentrations in the following asset types: land 21.6%, office 15.2%, industrial/R&D 13.5% and entertainment/leisure 10.7%.

The Company underwrites the credit of prospective borrowers and tenants and often requires them to provide some form of credit support such as corporate guarantees, letters of credit and/or cash security deposits. Although the Company's loans and real estate assets are geographically diverse and the borrowers and tenants operate in a variety of industries, to the extent the Company has a significant concentration of interest or operating lease revenues from any single borrower or tenant, the inability of that borrower or tenant to make its payment could have an adverse effect on the Company. As of December 31, 2013, the Company's five largest borrowers or tenants collectively accounted for approximately $99.8 million of the Company's aggregate annualized interest and operating lease revenue, of which no single customer accounts for more than 8%.

Derivatives

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

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



	Derivative Assets as of December 31,						Derivative Liabilities as of December 31,
	2013			2012			2013			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	$	1,418	N/A	$	—	Other Liabilities	$	1,653	Other Liabilities	$	2,855
Interest rate swap	Other Assets	650		N/A	—		N/A	—		Other Liabilities	580
Interest rate cap	Other Assets	9,107		N/A	—		N/A	—		N/A	—
Total		$	11,175		$	—		$	1,653		$	3,435

The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2013 and 2012 ($ in thousands):



Derivatives Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)			Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)			Amount of Gain (Loss) Recognized in Earnings (Ineffective Portion)
For the Year Ended December 31, 2013
Interest rate cap	Interest Expense	$	(1,517	)	$	—		N/A
Interest rate swap	Interest Expense	$	869		$	310		N/A
Foreign exchange contracts	Other Expense	$	393		$	—		N/A
For the Year Ended December 31, 2012
Interest rate swap	Interest Expense	$	(968	)	$	(44	)	N/A
For the Year Ended December 31, 2011
Interest rate swap	Interest Expense	$	(1,553	)	$	(180	)	N/A

Foreign exchange contracts—The Company is exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities. The Company uses foreign exchange contracts to hedge its exposure to changes in foreign exchange rates on its foreign investments. Foreign exchange contracts involve fixing the USD to the respective foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The foreign exchange contracts are typically cash settled in US dollars for their fair value at or close to their settlement date.

For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged net investment is either sold or substantially liquidated. In June 2013, the Company entered into a foreign exchange contract to hedge its exposure in a subsidiary whose functional currency is INR. As of December 31, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells INR/Buys USD Forward	₨	456,000	$	7,379	January 2014

For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Consolidated Statements of Operations within other expense. As of December 31, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells EUR/Buys USD Forward	€	80,500	$	110,696	January 2014
Sells GBP/Buys USD Forward	£	3,800	$	6,295	January 2014
Sells CAD/Buys USD Forward	C$	41,500	$	39,036	January 2014



		Amount of Gain or (Loss) Recognized in Income
	Location of Gain or (Loss) Recognized in Income	For the Years Ended December 31,
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) Recognized in Income	2013		2012			2011
Foreign Exchange Contracts	Other Expense	$	880	$	(8,920	)	$	17,406

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 other comprehensive income (loss),” on its Consolidated Balance Sheets for net investments in foreign subsidiaries. During the years ended December 31, 2013, 2012 and 2011, the Company recorded net losses related to foreign investments of $2.0 million, $0.7 million and $2.3 million, in its Consolidated Statements of Operations.

Qualifying cash flow hedges—In August 2013, the Company entered into an interest rate cap agreement to reduce exposure to expected increases in future interest rates and the resulting payments associated with variable interest rate debt. In October 2012, the Company entered into an interest rate swap to convert its variable rate debt to fixed rate on a $28.0 million secured term loan maturing in 2019. The following table presents the Company's qualifying cash flow hedges outstanding as of year ended December 31, 2013 ($ in thousands).

Derivative Type

Notional

Amount

Variable Rate

Fixed Rate

Effective Date

Maturity

Interest Rate Cap

500,000

LIBOR

1.00%

July 2014

July 2017

Interest Rate Swap

27,958

LIBOR + 2.00%

3.47%

October 2012

November 2019

During the year ended December 31, 2012, the Company terminated its previously outstanding interest rate swaps in conjunction with the early repayment of its secured term loans (see also Note 8).

Over the next 12 months, the Company expects that $0.4 million will be reclassified to interest expense from cash flow hedges and $0.4 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 December 31, 2013 and December 31, 2012, the Company has posted collateral of $7.2 million and $9.6 million, respectively, which is included in "Restricted cash" on the Company's Consolidated Balance Sheets.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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

Equity

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Equity

The Company's charter provides for the issuance of up to 200.0 million shares of Common Stock, par value $0.001 per share and 30.0 million shares of preferred stock. As of December 31, 2013, 144.3 million common shares were issued and 83.7 million common shares were outstanding.

Preferred Stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding:



For the Year Ended December 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



For the Year Ended December 31, 2012
				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
	21,800

Explanatory Notes:

_______________________________________________________________________________

(1)

(2)

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.

The Series D, E, F, G and I Cumulative Redeemable Preferred Stock are redeemable without premium at the option of the Company at their respective liquidation preferences.

High Performance Unit Program

In May 2002, the Company's shareholders approved the iStar Financial High Performance Unit ("HPU") Program. The program entitled employee participants ("HPU Holders") to receive distributions if the total rate of return on the Company's Common Stock (share price appreciation plus dividends) exceeded certain performance thresholds over a specified valuation period. The Company established seven HPU plans that had valuation periods ending between 2002 and 2008 and the Company has not established any new HPU plans since 2005. HPU Holders purchased interests in the High Performance Common Stock for an aggregate initial purchase price of $9.8 million. The remaining four plans that had valuation periods which ended in 2005, 2006, 2007 and 2008, did not meet their required performance thresholds, none of the plans were funded and the Company redeemed the participants' units.

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

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, 2012, the Company had $634.2 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 2032 if unused. The amount net of operating loss carryforwards as of December 31, 2013 will be subject to finalization of the 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 years ended December 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. In September 2013, the Company's Board of Directors approved an increase in the repurchase limit to $50.0 million from the $16.0 million that remained from the previously approved program.

During the year ended December 31, 2013, the Company repurchased 1.7 million shares of its outstanding Common Stock for approximately $21.0 million, at an average cost of $12.35 per share. During the year ended December 31, 2012, the Company repurchased 0.8 million shares of its outstanding Common Stock for approximately $4.6 million, at an average cost of $5.69 per share. As of December 31, 2013, the Company had remaining authorization to repurchase up to $29.0 million of Common Stock out of the $50.0 million authorized by its Board in 2013.

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



	As of December 31,
	2013			2012
Unrealized gains (losses) on available-for-sale securities	$	(294	)	$	867
Unrealized gains on cash flow hedges	662			607
Unrealized losses on cumulative translation adjustment	(4,644		)	(2,659		)
Accumulated other comprehensive income (loss)	$	(4,276	)	$	(1,185	)

Stock-Based Compensation Plans and Employee Benefits

12 Months Ended

Dec. 31, 2013

Stock-Based Compensation Plans and Employee Benefits

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

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

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

As of December 31, 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.

Stock-based Compensation—The Company recorded stock-based compensation expense of $19.3 million, $15.3 million and $29.7 million for the years ended December 31, 2013, 2012 and 2011, respectively, in "General and administrative" on the Company's Consolidated Statements of Operations. As of December 31, 2013, there was $4.3 million of total unrecognized compensation cost related to all unvested restricted stock units that are expected to be recognized over a weighted average remaining vesting/service period of 0.34 years. As of December 31, 2013, approximately $5.2 million of stock-based compensation was included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets.

Restricted Stock Units

Changes in non-vested restricted stock units during the year ended December 31, 2013 were as follows ($ in thousands, except per share amounts):



	Number of Shares		Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Non-vested at December 31, 2012	5,276		$	5.24	$	43,000
Granted	795		$	11.88
Vested	(3,271	)	$	6.33
Forfeited	(21	)	$	4.94
Non-vested at December 31, 2013	2,779		$	5.85	$	39,659

The total fair value of restricted stock units vested during the years ended December 31, 2013, 2012 and 2011 was $31.6 million, $29.1 million and $15.5 million, respectively.

2013 Activity—During the year ended December 31, 2013, 3,271,272 restricted stock units vested, resulting in the issuance of 1,678,961 shares of Common Stock to employees, net of statutory minimum required tax withholdings. These vested restricted stock units were primarily comprised of (a) 1,719,304 Amended Units which vested in January 2013 (see below), (b) 185,720 service-based restricted stock units granted to employees in February 2011 that cliff vested in February 2013, (c) 164,685 of annual incentive restricted shares granted to employees and vested in February 2013 (see below), (d) 313,334 service-based restricted stock units granted to employees in March 2011 that cliff vested in March 2013, (e) 600,000 service-based restricted stock units granted to the Company's Chairman and Chief Executive Officer in October 2011 that vested in June 2013, and (f) 195,588 performance based restricted stock units granted to employees in February 2013 that vested in December 2013 (see below).

During the year ended December 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 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. As of December 31, 2013, 196,902 units were outstanding.

Effective February 1, 2013, the Company also granted performance-based Units 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 December 31, 2013, 195,547 units measured over the two-year performance period with a vesting date on December 31, 2014 were outstanding. The units measured over the one-year performance period vested, and met the 200% target amount of the original awards, and 195,588 shares were issued.

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

•

600,000 service-based restricted stock units granted to the Company's Chairman and Chief Executive Officer that will vest on June 15, 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.

•

1,696,053 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. The fair values of the market-condition based restricted stock units, were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock. The assumptions used to estimate the fair value of these market-condition based awards were 0.092% for risk-free interest rate and 57.75% for expected stock price volatility. The modified December 19, 2008 market-condition based restricted stock units were measured on July 1, 2011, the date the Company's Board of Directors' approved the modification of the award.

•

90,666 service-based restricted stock units granted to employees with an original vesting term of three years. Upon vesting of these units, holders will receive shares of the Company's Common Stock in the amount of the vested units, net of statutory minimum required tax withholdings. 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—Non-employee directors are awarded common stock equivalents ("CSEs") or restricted shares at the time of the annual shareholders' meeting in consideration for their services on the Company's Board of Directors. The CSEs and restricted shares generally vest at the time of the next annual shareholders meeting and pay dividends in an amount equal to the dividends paid on an equivalent number of shares of the Company's Common Stock from the date of grant, as and when dividends are paid on the Common Stock.

During the year ended December 31, 2013, the Company awarded to Directors 33,474 CSEs and restricted shares at a fair value per share of $12.30 at the time of grant. These CSEs and restricted shares have a one year vesting period and pay dividends in an amount equal to the dividends paid on the equivalent number of shares of the Company's Common Stock from the date of grant, as and when dividends are paid on Common Stock. In addition, during the year ended December 31, 2013, the Company issued 51,091 shares to a former director in settlement of previously vested CSE awards. As of December 31, 2013, there were 367,134 CSEs and restricted shares granted to members of the Company's Board of Directors that remained outstanding with an aggregate intrinsic value of $5.2 million.

401(k) Plan—The Company has a savings and retirement plan (the "401(k) Plan"), which is a voluntary, defined contribution plan. All employees are eligible to participate in the 401(k) Plan following completion of three months of continuous service with the Company. Each participant may contribute on a pretax basis up to the maximum percentage of compensation and dollar amount permissible under Section 402(g) of the Internal Revenue Code not to exceed the limits of Code Sections 401(k), 404 and 415. At the discretion of the Board of Directors, the Company may make matching contributions on the participant's behalf of up to 50% of the first 10% of the participant's annual compensation. The Company made gross contributions of approximately $0.9 million, $0.9 million and $0.9 million for each of the years ended December 31, 2013, 2012 and 2011, respectively.

Earnings Per Share

12 Months Ended

Dec. 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 (see Note 11). 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 Years Ended December 31,
	2013			2012			2011
Income (loss) from continuing operations	$	(220,768	)	$	(314,678	)	$	(51,010	)
Net (income) loss attributable to noncontrolling interests	(718		)	1,500			3,629
Income from sales of residential property	86,658			63,472			5,721
Preferred dividends	(49,020		)	(42,320		)	(42,320		)
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders	$	(183,848	)	$	(292,026	)	$	(83,980	)



	For the Years Ended December 31,
	2013			2012			2011
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(177,907	)	$	(282,452	)	$	(81,375	)
Income (loss) from discontinued operations	623			(16,908		)	(5,343		)
Gain from discontinued operations	21,515			26,363			24,331
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(155,769	)	$	(272,997	)	$	(62,387	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	84,990			83,742			88,688
Basic and diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(2.09	)	$	(3.37	)	$	(0.91	)
Income (loss) from discontinued operations	0.01			(0.20		)	(0.06		)
Gain from discontinued operations	0.25			0.31			0.27
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(1.83	)	$	(3.26	)	$	(0.70	)



	For the Years Ended December 31,
	2013			2012			2011
Earnings allocable to High Performance Units:
Numerator for basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(5,941	)	$	(9,574	)	$	(2,605	)
Income (loss) from discontinued operations	21			(573		)	(171		)
Gain from discontinued operations	718			894			779
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(5,202	)	$	(9,253	)	$	(1,997	)
Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share	15			15			15
Basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(396.07	)	$	(638.27	)	$	(173.66	)
Income (loss) from discontinued operations	1.40			(38.20		)	(11.40		)
Gain from discontinued operations	47.87			59.60			51.93
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(346.80	)	$	(616.87	)	$	(133.13	)

For the years ended December 31, 2013, 2012 and 2011 the following shares were anti-dilutive ($ in thousands):



	For the Years Ended December 31,
	2013	2012	2011
Joint venture shares	298	298	298
Stock options	—	—	44
3.00% convertible senior unsecured notes	16,992	—	—
Series J convertible perpetual preferred stock	15,635	—	—
1.50% convertible senior unsecured notes	11,567	—	—

Fair Values

12 Months Ended

Dec. 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 December 31, 2013
Recurring basis:
Derivative assets	$	11,175	$	—	$	11,175	$	—
Derivative liabilities	$	1,653	$	—	$	1,653	$	—
Non-recurring basis:
Impaired loans(1)	$	115,423	$	—	$	—	$	115,423
Impaired real estate(2)	$	35,680	$	—	$	5,744	$	29,936
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 Notes:

_______________________________________________________________________________

(1)

The Company recorded a recovery of loan losses on one loan with a fair value of $55.5 million based on the loan's remaining loan term of 2.6 years and interest rate of 4.7% using discounted cash flow analysis. In addition, the Company recorded a recovery of loan losses on one loan with a fair value of $53.6 million based upon a letter of intent executed by the borrower as well as recorded an impairment on one loan with a fair value of $6.3 million based upon a settlement agreement executed by the borrower.


(2)	The Company recorded the fair value of two impaired real estate assets with a total fair value of $29.9 million based on a discount rate of 13.0%, average annual rent growth of 4.0% and remaining inventory sell out period with a range of 3.5 to 4.6 years using discounted cash flows.

Fair values of financial instruments—The Company's estimated fair values of its loans receivable and other lending investments and debt obligations were $1.4 billion and $4.5 billion, respectively, as of December 31, 2013 and $1.9 billion and $4.9 billion, respectively, as of December 31, 2012. The Company determined that the significant inputs used to value its loans receivable and other lending investments and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above.

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

Derivatives—The Company uses interest rate swaps, interest rate caps and foreign exchange contracts to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty's non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. In addition, upon adoption of ASU 2011-04, the Company made an accounting policy election to measure 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 and other lending investments—The Company estimates the fair value of its performing loans and other lending investments using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. The Company determined that the significant inputs used to value its loans and other lending investments fall within Level 3 of the fair value hierarchy. For certain lending investments, the Company uses market quotes, to the extent they are available, or broker quotes that fall within Level 2 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.

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 + Details

Segment Reporting

12 Months Ended

Dec. 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 Lease, Operating Properties and Land. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes all of the Company's activities related to the ownership and leasing of corporate facilities. The Operating Properties segment includes all of the Company's activities and operations related to its commercial and residential properties. The Land segment includes the Company's activities related to its developable land portfolio.

The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands):



	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
For the Year Ended December 31, 2013
Operating lease income	$	—		$	147,313		$	86,352		$	902		$	—		$	234,567
Interest income	108,015			—			—			—			—			108,015
Other income	4,748			250			38,164			1,474			3,572			48,208
Total revenue	$	112,763		$	147,563		$	124,516		$	2,376		$	3,572		$	390,790
Earnings (loss) from equity method investments	—			2,699			5,546			(5,331		)	38,606			41,520
Income from sales of residential property	—			—			82,603			4,055			—			86,658
Net operating income from discontinued operations(2)	—			1,484			1,251			—			—			2,735
Gain from discontinued operations	—			3,395			18,838			—			—			22,233
Revenue and other earnings	$	112,763		$	155,141		$	232,754		$	1,100		$	42,178		$	543,936
Real estate expense	—			(22,565		)	(101,044		)	(33,832		)	—			(157,441		)
Other expense	(1,625		)	—			—			—			(6,425		)	(8,050		)
Allocated interest expense(2)	(74,377		)	(80,034		)	(49,114		)	(30,368		)	(32,332		)	(266,225		)
Allocated general and administrative(3)	(13,186		)	(14,330		)	(9,189		)	(12,365		)	(23,783		)	(72,853		)
Segment profit (loss)(4)	$	23,575		$	38,212		$	73,407		$	(75,465	)	$	(20,362	)	$	39,367
Other significant non-cash items:
Provision for loan losses	$	5,489		$	—		$	—		$	—		$	—		$	5,489
Impairment of assets(2)	$	—		$	1,176		$	12,449		$	728		$	—		$	14,353
Loss on transfer of interest to unconsolidated subsidiary	$	—		$	—		$	—		$	7,373		$	—		$	7,373
Depreciation and amortization(2)	$	—		$	38,582		$	30,599		$	1,105		$	1,244		$	71,530
Capitalized expenditures	$	—		$	34,076		$	41,131		$	36,346		$	—		$	111,553
As of December 31, 2013
Real estate
Real estate, at cost	$	—		$	1,696,888		$	720,508		$	803,238		$	—		$	3,220,634
Less: accumulated depreciation	—			(338,640		)	(82,420		)	(3,393		)	—			(424,453		)
Real estate, net	$	—		$	1,358,248		$	638,088		$	799,845		$	—		$	2,796,181
Real estate available and held for sale	—			—			228,328			132,189			—			360,517
Total real estate	$	—		$	1,358,248		$	866,416		$	932,034		$	—		$	3,156,698
Loans receivable and other lending investments, net	1,370,109			—			—			—			—			1,370,109
Other investments	—			16,408			16,032			29,765			145,004			207,209
Total portfolio assets	$	1,370,109		$	1,374,656		$	882,448		$	961,799		$	145,004		$	4,734,016
Cash and other assets																907,995
Total assets																$	5,642,011




	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
For the Year Ended December 31, 2012(5)
Operating lease income	$	—		$	149,058		$	65,706		$	1,527		$	—		$	216,291
Interest income	133,410			—			—			—			—			133,410
Other income	8,613			—			32,615			2,635			3,975			47,838
Total revenue	$	142,023		$	149,058		$	98,321		$	4,162		$	3,975		$	397,539
Earnings (loss) from equity method investments	—			2,632			25,142			(6,138		)	81,373			103,009
Income from sales of residential property	—			—			63,472			—			—			63,472
Net operating income from discontinued operations(2)	—			7,289			886			—			—			8,175
Gain from discontinued operations	—			27,257			—			—			—			27,257
Revenue and other earnings	$	142,023		$	186,236		$	187,821		$	(1,976	)	$	85,348		$	599,452
Real estate expense	—			(23,886		)	(100,258		)	(27,314		)	—			(151,458		)
Other expense	(4,775		)	—			—			—			(12,491		)	(17,266		)
Allocated interest expense(2)	(111,898		)	(92,579		)	(69,259		)	(44,125		)	(38,300		)	(356,161		)
Allocated general and administrative(3)	(14,263		)	(10,618		)	(7,572		)	(7,405		)	(25,705		)	(65,563		)
Segment profit (loss)(4)	$	11,087		$	59,153		$	10,732		$	(80,820	)	$	8,852		$	9,004
Other significant non-cash items:
Provision for loan losses	$	81,740		$	—		$	—		$	—		$	—		$	81,740
Impairment of assets(2)	$	—		$	6,670		$	28,501		$	205		$	978		$	36,354
Depreciation and amortization(2)	$	—		$	39,250		$	28,450		$	1,276		$	1,810		$	70,786
Capitalized expenditures	$	—		$	10,994		$	51,579		$	20,497		$	—		$	83,070
As of December 31, 2012
Real estate
Real estate, at cost	$	—		$	1,626,810		$	704,481		$	786,114		$	—		$	3,117,405
Less: accumulated depreciation	—			(310,605		)	(65,409		)	(2,292		)	—			(378,306		)
Real estate, net	$	—		$	1,316,205		$	639,072		$	783,822		$	—		$	2,739,099
Real estate available and held for sale	—			—			454,587			181,278			—			635,865
Total real estate	$	—		$	1,316,205		$	1,093,659		$	965,100		$	—		$	3,374,964
Loans receivable and other lending investments, 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		$	1,332,585		$	1,119,404		$	970,593		$	351,225		$	5,603,792
Cash and other assets																556,207
Total assets																$	6,159,999



	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
For the Year Ended December 31, 2011(5)
Operating lease income	$	—		$	144,548		$	51,153		$	171		$	—		$	195,872
Interest income	226,871			—			—			—			—			226,871
Other income	3,176			—			32,538			1,637			2,371			39,722
Total revenue	$	230,047		$	144,548		$	83,691		$	1,808		$	2,371		$	462,465
Earnings (loss) from equity method investments	—			2,566			(626		)	(7,213		)	100,364			95,091
Income from sales of residential property	—			—			5,721			—			—			5,721
Net operating income from discontinued operations(2)	—			14,135			(937		)	—			—			13,198
Gain from discontinued operations	—			25,110			—			—			—			25,110
Revenue and other earnings	$	230,047		$	186,359		$	87,849		$	(5,405	)	$	102,735		$	601,585
Real estate expense	—			(25,054		)	(92,012		)	(21,648		)	—			(138,714		)
Other expense	(2,866		)	—			—			—			(8,204		)	(11,070		)
Allocated interest expense(2)	(156,163		)	(75,844		)	(52,774		)	(40,480		)	(20,653		)	(345,914		)
Allocated general and administrative(3)	(19,934		)	(9,681		)	(6,737		)	(6,959		)	(32,026		)	(75,337		)
Segment profit (loss)(4)	$	51,084		$	75,780		$	(63,674	)	$	(74,492	)	$	41,852		$	30,550
Other significant non-cash items:
Provision for loan losses	$	46,412		$	—		$	—		$	—		$	—		$	46,412
Impairment of assets(2)	$	—		$	668		$	21,030		$	(184	)	$	872		$	22,386
Depreciation and amortization(2)	$	—		$	42,080		$	18,169		$	1,534		$	2,145		$	63,928
Capitalized expenditures	$	—		$	8,699		$	38,477		$	16,993		$	—		$	64,169

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 $205.8 million as of December 31, 2012 and the Company's share of equity in earnings from LNR of $16.5 million, $60.7 million and $53.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. See Note 6 for further details on the Company's investment in LNR and summarized financial information of LNR.


(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 $19.3 million, $15.3 million and $29.7 million for the years ended December 31, 2013, 2012 and 2011, respectively.


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



	For the Years Ended December 31,
	2013			2012			2011
Segment profit (loss)	$	39,367		$	9,004		$	30,550
Less: Provision for loan losses	(5,489		)	(81,740		)	(46,412		)
Less: Impairment of assets(2)	(14,353		)	(36,354		)	(22,386		)
Less: Loss on transfer of interest to unconsolidated subsidiary	(7,373		)	—			—
Less: Stock-based compensation expense	(19,261		)	(15,293		)	(29,702		)
Less: Depreciation and amortization(2)	(71,530		)	(70,786		)	(63,928		)
Less: Income tax (expense) benefit(2)	596			(8,445		)	4,719
Add: Gain (loss) on early extinguishment of debt, net	(33,190		)	(37,816		)	101,466
Net income (loss)	$	(111,233	)	$	(241,430	)	$	(25,693	)


(5)	The prior periods' presentation have been conformed for the change in the methodology of allocating interest expense and general and administrative expenses to each segment based on gross carrying value of assets. The allocation was previously based on carrying value of assets net of accumulated depreciation and amortization and general loan loss reserves.

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information (Unaudited)

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



	For the Quarters Ended
	December 31,			September 30,			June 30,			March 31,
2013:
Revenue(1)	$	101,073		$	95,696		$	99,919		$	94,102
Net income (loss)	$	(45,992	)	$	(18,590	)	$	(14,398	)	$	(32,253	)
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.	$	(47,043	)	$	(18,757	)	$	(14,087	)	$	(32,064	)
Basic and diluted earnings per share	$	(0.68	)	$	(0.36	)	$	(0.31	)	$	(0.49	)
Weighted average number of common shares—basic and diluted	84,617			85,392			85,125			84,824
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.	$	(1,939	)	$	(1,016	)	$	(866	)	$	(1,381	)
Basic and diluted earnings per share	$	(129.26	)	$	(67.73	)	$	(57.74	)	$	(92.07	)
Weighted average number of HPU shares—basic and diluted	15			15			15			15
	For the Quarters Ended
	December 31,			September 30,			June 30,			March 31,
2012(2):
Revenue(1)	$	96,421		$	93,462		$	106,886		$	100,770
Net income (loss)	$	(79,948	)	$	(64,306	)	$	(51,129	)	$	(46,048	)
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.	$	(79,810	)	$	(63,640	)	$	(50,407	)	$	(46,073	)
Basic and diluted earnings per share	$	(1.04	)	$	(0.86	)	$	(0.70	)	$	(0.66	)
Weighted average number of common shares—basic and diluted	83,674			83,629			84,113			83,556
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.	$	(2,966	)	$	(2,436	)	$	(1,991	)	$	(1,861	)
Basic and diluted earnings per share	$	(197.73	)	$	(162.40	)	$	(132.73	)	$	(124.07	)
Weighted average number of HPU shares—basic and diluted	15			15			15			15

Explanatory Notes:

_______________________________________________________________________________


(1)	All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations.

(2)

During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2013
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In February 2014, the Company partnered with a sovereign wealth fund to form a venture in which the partners plan to contribute up to an aggregate $500 million of equity to acquire and develop up to $1.25 billion of net lease assets over time. The Company owns approximately 52% of the venture and will be responsible for sourcing new opportunities and managing the venture and its assets in exchange for a promote and management fee. The venture’s first investment was acquired by the Company for $93.6 million during 2013 and was subsequently sold to the venture.

Schedule II-Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2013

Valuation and Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts and Reserves

iStar Financial Inc.

Schedule II—Valuation and Qualifying Accounts and Reserves

($ in thousands)



Description	Balance at Beginning of Period		Charged to Costs and Expenses			Adjustments to Valuation Accounts			Deductions			Balance at End of Period
For the Year Ended December 31, 2011
Reserve for loan losses(1)(2)	$	814,625	$	46,412		$	—		$	(214,413	)	$	646,624
Allowance for doubtful accounts(2)	1,376		2,292			—			—			3,668
Allowance for deferred tax assets(2)	29,921		(19,968		)	40,936			—			50,889
	$	845,922	$	28,736		$	40,936		$	(214,413	)	$	701,181
For the Year Ended December 31, 2012
Reserve for loan losses(1)(2)	$	646,624	$	81,740		$	—		$	(203,865	)	$	524,499
Allowance for doubtful accounts(2)	3,668		1,928			—			—			5,596
Allowance for deferred tax assets(2)	50,889		(9,833		)	(176		)	—			40,880
	$	701,181	$	73,835		$	(176	)	$	(203,865	)	$	570,975
For the Year Ended December 31, 2013
Reserve for loan losses(1)(2)	$	524,499	$	5,489		$	—		$	(152,784	)	$	377,204
Allowance for doubtful accounts(2)	5,596		261			—			—			5,857
Allowance for deferred tax assets(2)	40,880		(4,473		)	19,855			—			56,262
	$	570,975	$	1,277		$	19,855		$	(152,784	)	$	439,323

Explanatory Notes:

_______________________________________________________________________________


(1)	See Note 5 to the Company's Consolidated Financial Statements.


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

Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2013

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III-Real Estate and Accumulated Depreciation




					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)			Gross Amount Carried at Close of Period
State		Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition(2)			Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciable Life (Years)
OFFICE FACILITIES:
Arizona	OAZ006	$	—	(1)	$	10,780	$	36,336	$	(958	)	$	10,780	$	35,378	$	46,158	$	4,159	2011	40.0
Arizona	OAZ002	—		(1)	1,033		6,652		951			1,033		7,603		8,636		2,518		1999	40.0
Arizona	OAZ003	—		(1)	1,033		6,652		205			1,033		6,857		7,890		2,417		1999	40.0
Arizona	OAZ004	—		(1)	1,033		6,652		197			1,033		6,849		7,882		2,385		1999	40.0
Arizona	OAZ005	—		(1)	701		4,339		—			701		4,339		5,040		1,537		1999	40.0
California	OCA002	—			4,139		5,064		1,596			4,139		6,660		10,799		1,946		2002	40.0
Colorado	OCO001	—		(1)	1,757		16,930		5,506			1,757		22,436		24,193		7,838		1999	40.0
Colorado	OCO002	5,787		(1)	—		16,752		48			—		16,800		16,800		4,935		2002	40.0
Florida	OFL001	—		(1)	2,517		14,484		2,518			2,517		17,002		19,519		1,554		2010	40.0
Georgia	OGA001	—		(1)	905		6,744		90			905		6,834		7,739		2,776		1999	40.0
Georgia	OGA002	—		(1)	5,709		49,091		22,033			5,709		71,124		76,833		22,710		1999	40.0
Illinois	OIL001	21,657			6,153		14,993		14,370			6,153		29,363		35,516		98		1999	40.0
Maryland	OMD001	12,894		(1)	1,800		18,706		790			1,800		19,496		21,296		5,532		2002	40.0
Massachusetts	OMA001	13,421		(1)	1,600		21,947		276			1,600		22,223		23,823		6,548		2002	40.0
Michigan	OMI001	—			5,374		137,956		(2,541		)	5,374		135,415		140,789		21,108		2007	40.0
New Jersey	ONJ001	53,514			7,726		74,429		10			7,724		74,441		82,165		20,586		2002	40.0
New Jersey	ONJ002	12,141		(1)	1,008		13,763		(81		)	1,008		13,682		14,690		3,383		2004	40.0
New Jersey	ONJ003	18,350		(1)	2,456		28,955		505			2,456		29,460		31,916		7,224		2004	40.0
Pennsylvania	OPA001	—		(1)	690		26,098		(49		)	690		26,049		26,739		8,005		2001	40.0
Tennessee	OTN001	—			2,702		25,129		(17,064		)	2,702		8,065		10,767		7,878		1999	40.0
Texas	OTX001	—		(1)	1,364		10,628		5,644			2,373		15,263		17,636		5,034		1999	40.0
Texas	OTX002	—		(1)	1,233		15,160		158			1,233		15,318		16,551		5,095		1999	40.0
Texas	OTX003	—		(1)	2,932		31,235		12,403			2,932		43,638		46,570		14,363		1999	40.0
Texas	OTX004	—		(1)	1,230		5,660		482			1,230		6,142		7,372		2,143		1999	40.0
Virginia	OVA001	—			17,030		52,349		—			17,030		52,349		69,379		25		2013	40.0
Wisconsin	OWI001	—			1,875		13,914		(6,147		)	1,875		7,767		9,642		4,573		1999	40.0
Subtotal		$	137,764		$	84,780	$	660,618	$	40,942		$	85,787	$	700,553	$	786,340	$	166,370
INDUSTRIAL FACILITIES:
Arizona	IAZ001	—		(1)	2,519		7,481		1,023			2,519		8,504		11,023		1,093		2009	40.0
Arizona	IAZ002	—		(1)	3,279		5,221		1,267			3,279		6,488		9,767		839		2009	40.0
California	ICA001	18,031		(1)	11,635		19,515		5,943			11,635		25,458		37,093		3,860		2007	40.0
California	ICA005	—		(1)	654		4,591		2,044			654		6,635		7,289		2,338		1999	40.0
California	ICA006	—		(1)	1,086		7,964		2,876			1,086		10,840		11,926		4,063		1999	40.0
California	ICA007	—		(1)	4,880		12,367		3,550			4,880		15,917		20,797		5,170		1999	40.0




					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)			Gross Amount Carried at Close of Period
State		Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition(2)			Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciable Life (Years)
California	ICA008	—		(1)	6,857		8,378		1,643			6,856		10,022		16,878		2,976		2002	40.0
California	ICA009	—		(1)	4,095		8,323		1,411			4,095		9,734		13,829		3,256		1999	40.0
California	ICA010	—			5,051		6,170		2,013			5,051		8,183		13,234		2,135		2002	40.0
California	ICA012	—		(1)	3,044		3,716		3,002			3,044		6,718		9,762		1,928		2002	40.0
California	ICA013	—		(1)	2,633		3,219		290			2,633		3,509		6,142		1,150		2002	40.0
California	ICA014	—			4,600		5,627		2,497			4,600		8,124		12,724		2,212		2002	40.0
California	ICA015	—			5,617		6,877		5,501			5,619		12,376		17,995		5,867		2002	40.0
California	ICA016	27,958			15,708		27,987		8,665			15,708		36,652		52,360		14,970		2004	40.0
California	ICA017	—		(1)	808		8,306		588			808		8,894		9,702		3,014		1999	40.0
Colorado	ICO001	—			832		1,379		—			832		1,379		2,211		254		2006	40.0
Florida	IFL001	—			322		323		64			322		387		709		71		2006	40.0
Florida	IFL002	15,620		(1)	3,510		20,846		8,279			3,510		29,125		32,635		4,067		2007	40.0
Florida	IFL004	—		(1)	3,048		8,676		—			3,048		8,676		11,724		3,073		1999	40.0
Florida	IFL005	—		(1)	1,612		4,586		(1,408		)	1,241		3,549		4,790		677		1999	40.0
Florida	IFL006	—		(1)	1,476		4,198		(4,497		)	450		727		1,177		435		1999	40.0
Georgia	IGA001	13,596		(1)	2,791		24,637		349			2,791		24,986		27,777		3,863		2007	40.0
Hawaii	IHI001	—			7,477		23,623		369			7,477		23,992		31,469		2,356		2010	40.0
Indiana	IIN001	—		(1)	462		9,224		—			462		9,224		9,686		2,011		2007	40.0
Massachusetts	IMA001	18,706		(1)	7,439		21,774		10,979			7,439		32,753		40,192		4,572		2007	40.0
Michigan	IMI001	—		(1)	598		9,814		1			598		9,815		10,413		2,162		2007	40.0
Minnesota	IMN001	—		(1)	403		1,147		(344		)	1,206		—		1,206		—		1999	40.0
Minnesota	IMN002	—		(1)	6,705		17,690		—			6,225		18,170		24,395		4,047		2005	40.0
North Carolina	INC001	—		(1)	680		5,947		—			680		5,947		6,627		1,390		2004	40.0
New Jersey	INJ001	21,695		(1)	8,368		15,376		21,141			8,368		36,517		44,885		5,172		2007	40.0
New York	INY001	—		(1)	1,796		5,108		4			1,796		5,112		6,908		1,811		1999	40.0
Texas	ITX002	—			594		716		—			594		716		1,310		132		2006	40.0
Texas	ITX003	—			3,617		3,432		—			3,617		3,432		7,049		633		2006	40.0
Texas	ITX004	13,499		(1)	1,631		27,858		(416		)	1,631		27,442		29,073		4,186		2007	40.0
Texas	ITX005	—		(1)	1,314		8,903		46			1,314		8,949		10,263		3,165		1999	40.0
Virginia	IVA001	14,560		(1)	2,619		28,481		142			2,619		28,623		31,242		4,424		2007	40.0
Subtotal		$	143,665		$	129,760	$	379,480	$	77,022		$	128,687	$	457,575	$	586,262	$	103,372
LAND:
Arizona	LAZ002	—		(1)	13,170		5,144		64			13,170		5,208		18,378		343		2011	0.0
Arizona	LAZ001	—			96,700		—		—			96,700		—		96,700		—		2010	0.0
California	LCA002	—			28,464		2,836		—			28,464		2,836		31,300		1,841		2010	0.0




					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)			Gross Amount Carried at Close of Period
State		Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition(2)			Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciable Life (Years)
California	LCA008	—			30,500		—		—			30,500		—		30,500		—		2011	0.0
California	LCA003	—			87,300		—		(15,643		)	71,657		—		71,657		—		2009	0.0
California	LCA004	—			68,155		—		(21,405		)	46,750		—		46,750		—		2000	0.0
California	LCA005	—			84,100		—		2			84,102		—		84,102		—		2010	0.0
California	LCA006	—			59,100		—		—			59,100		—		59,100		—		2010	0.0
Florida	LFA001	—			7,600		—		—			7,600		—		7,600		—		2009	0.0
Florida	LFA002	—			8,100		—		—			8,100		—		8,100		—		2009	0.0
Florida	LFA006	—			9,300		—		—			9,300		—		9,300		—		2012	0.0
Florida	LFA003	—			26,600		—		4,413			26,600		4,413		31,013		—		2010	0.0
Florida	LFA004				10,440		—		—			10,440		—		10,440		—		2013	0.0
Florida	LFA005	—			9,300		—		—			9,300		—		9,300		—		2010	0.0
Georgia	LGA001	—			3,800		—		—			3,800		—		3,800		—		2013	0.0
Georgia	LGA002	—		(1)	1,400		—		—			1,400		—		1,400		—		2013	0.0
Illinois	LIL001	—			9,500		—		—			9,500		—		9,500		—		2011	0.0
Maryland	LMD001	—			102,938		—		—			102,938		—		102,938		—		2009	0.0
Maryland	LMD002	—		(1)	2,486		—		—			2,486		—		2,486		290		1999	70.0
New Jersey	LNJ001	—			43,300		—		35,065			78,365		—		78,365		51		2009	0.0
New York	LNY002	—			58,900		—		52			58,900		52		58,952		—		2011	0.0
New York	LNY003	—			3,277		—		—			3,277		—		3,277		—		2013	0.0
New York	LNY001	—			52,461		—		—			52,461		—		52,461		—		2009	0.0
Oregon	LOR001	—			3,674		—		168			3,674		168		3,842		—		2012	0.0
Oregon	LOR002	—			20,326		—		(4,639		)	15,687		—		15,687		—		2012	0.0
Texas	LTX001	—		(1)	3,375		—		—			3,375		—		3,375		—		2005	0.0
Texas	LTX002	—		(1)	3,621		—		—			3,621		—		3,621		—		2005	0.0
Virginia	LVA001	—			60,814		—		12,243			73,057		—		73,057		1,158		2009	0.0
Virginia	LVA001	—			11,324		—		(4,217		)	7,107		—		7,107		—		2009	0.0
Subtotal		$	—		$	920,025	$	7,980	$	6,103		$	921,431	$	12,677	$	934,108	$	3,683
ENTERTAINMENT:
Alabama	EAL001	—		(1)	277		359		(3		)	277		356		633		88		2004	40.0
Alabama	EAL002	—		(1)	319		414		—			319		414		733		102		2004	40.0
Arizona	EAZ001	—		(1)	793		1,027		—			793		1,027		1,820		253		2004	40.0
Arizona	EAZ002	—		(1)	521		673		(4		)	521		669		1,190		166		2004	40.0
Arizona	EAZ003	—		(1)	305		394		(3		)	305		391		696		97		2004	40.0
Arizona	EAZ004	—		(1)	630		815		—			630		815		1,445		201		2004	40.0
Arizona	EAZ005	—		(1)	590		764		—			590		764		1,354		188		2004	40.0




				Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
State		Encumbrances		Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition(2)		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
Arizona	EAZ006	—	(1)	476	616	(4	)	476	612	1,088	152	2004	40.0
Arizona	EAZ007	—	(1)	654	845	(6	)	654	839	1,493	208	2004	40.0
Arizona	EAZ008	—	(1)	666	862	(6	)	666	856	1,522	212	2004	40.0
Arizona	EAZ009	—	(1)	460	596	—		460	596	1,056	147	2004	40.0
California	ECA001	—	(1)	1,097	1,421	—		1,097	1,421	2,518	349	2004	40.0
California	ECA002	—	(1)	434	560	1		434	561	995	138	2004	40.0
California	ECA003	—	(1)	332	429	—		332	429	761	106	2004	40.0
California	ECA004	—	(1)	1,642	2,124	(16	)	1,642	2,108	3,750	523	2004	40.0
California	ECA005	—	(1)	676	876	—		676	876	1,552	215	2004	40.0
California	ECA006	—	(1)	720	932	—		720	932	1,652	229	2004	40.0
California	ECA007	—	(1)	574	743	(5	)	574	738	1,312	183	2004	40.0
California	ECA008	—	(1)	392	508	(4	)	392	504	896	125	2004	40.0
California	ECA009	—	(1)	358	464	(3	)	358	461	819	114	2004	40.0
California	ECA010	—	(1)	—	18,000	—		—	18,000	18,000	4,336	2003	40.0
California	ECA011	—	(1)	852	1,101	(8	)	852	1,093	1,945	271	2004	40.0
California	ECA012	—	(1)	1,572	2,034	—		1,572	2,034	3,606	500	2004	40.0
California	ECA013	—	(1)	—	1,953	25,772		—	27,725	27,725	3,348	2008	40.0
California	ECA014	—	(1)	659	852	(6	)	659	846	1,505	210	2004	40.0
California	ECA015	—	(1)	562	729	—		562	729	1,291	179	2004	40.0
California	ECA016	—	(1)	896	1,159	(8	)	896	1,151	2,047	285	2004	40.0
Colorado	ECO001	—	(1)	466	602	(5	)	466	597	1,063	148	2004	40.0
Colorado	ECO002	—	(1)	640	827	1		640	828	1,468	204	2004	40.0
Colorado	ECO003	—	(1)	729	944	—		729	944	1,673	232	2004	40.0
Colorado	ECO004	—	(1)	536	694	(5	)	536	689	1,225	171	2004	40.0
Colorado	ECO005	—	(1)	412	533	—		412	533	945	131	2004	40.0
Colorado	ECO006	—	(1)	901	1,165	(9	)	901	1,156	2,057	287	2004	40.0
Connecticut	ECT001	—	(1)	1,097	1,420	(10	)	1,097	1,410	2,507	349	2004	40.0
Connecticut	ECT002	—	(1)	330	426	—		330	426	756	105	2004	40.0
Delaware	EDE001	—	(1)	1,076	1,390	4		1,076	1,394	2,470	343	2004	40.0
Florida	EFL001	—	(1)	—	41,809	—		—	41,809	41,809	13,655	2005	27.0
Florida	EFL002	—	(1)	412	531	(3	)	412	528	940	131	2004	40.0
Florida	EFL003	—	(1)	6,550	—	17,118		6,533	17,135	23,668	2,853	2006	40.0
Florida	EFL004	—	(1)	1,067	1,382	—		1,067	1,382	2,449	340	2004	40.0
Florida	EFL005	—	(1)	340	439	(3	)	340	436	776	108	2004	40.0
Florida	EFL006	—	(1)	401	520	—		401	520	921	128	2004	40.0




				Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
State		Encumbrances		Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition(2)		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
Florida	EFL007	—	(1)	507	655	(5	)	507	650	1,157	161	2004	40.0
Florida	EFL008	—	(1)	282	364	(3	)	282	361	643	90	2004	40.0
Florida	EFL009	—	(1)	352	455	—		352	455	807	112	2004	40.0
Florida	EFL011	—	(1)	437	567	—		437	567	1,004	139	2004	40.0
Florida	EFL012	—	(1)	532	689	—		532	689	1,221	169	2004	40.0
Florida	EFL014	—	(1)	486	629	—		486	629	1,115	155	2004	40.0
Florida	EFL015	—	(1)	433	561	(4	)	433	557	990	138	2004	40.0
Florida	EFL016	—	(1)	497	643	(5	)	497	638	1,135	158	2004	40.0
Florida	EFL018	—	(1)	643	833	(6	)	643	827	1,470	205	2004	40.0
Florida	EFL019	—	(1)	4,200	18,272	—		4,200	18,272	22,472	4,041	2005	40.0
Florida	EFL020	—		551	714	(6	)	551	708	1,259	175	2004	40.0
Florida	EFL021	—	(1)	364	470	(3	)	364	467	831	116	2004	40.0
Florida	EFL022	—	(1)	507	656	—		507	656	1,163	161	2004	40.0
Florida	EFL023	—	(1)	—	19,337	—		—	19,337	19,337	4,276	2005	40.0
Georgia	EGA001	—	(1)	510	660	(5	)	510	655	1,165	162	2004	40.0
Georgia	EGA002	—	(1)	286	371	—		286	371	657	91	2004	40.0
Georgia	EGA003	—	(1)	474	613	—		474	613	1,087	151	2004	40.0
Georgia	EGA004	—	(1)	581	752	—		581	752	1,333	185	2004	40.0
Georgia	EGA005	—	(1)	718	930	(7	)	718	923	1,641	229	2004	40.0
Georgia	EGA006	—	(1)	546	706	—		546	706	1,252	174	2004	40.0
Georgia	EGA007	—	(1)	502	651	(5	)	502	646	1,148	160	2004	40.0
Illinois	EIL001	—	(1)	335	434	—		335	434	769	107	2004	40.0
Illinois	EIL002	—	(1)	481	622	—		481	622	1,103	153	2004	40.0
Illinois	EIL003	—	(1)	8,803	57	30,479		8,803	30,536	39,339	4,819	2006	40.0
Illinois	EIL004	—	(1)	433	560	(5	)	433	555	988	138	2004	40.0
Illinois	EIL005	—	(1)	431	557	(4	)	431	553	984	137	2004	40.0
Indiana	EIN001	—	(1)	542	701	(5	)	542	696	1,238	172	2004	40.0
Kentucky	EKY001	—	(1)	417	539	—		417	539	956	133	2004	40.0
Kentucky	EKY002	—	(1)	365	473	(3	)	365	470	835	116	2004	40.0
Maryland	EMD001	—	(1)	428	554	—		428	554	982	136	2004	40.0
Maryland	EMD002	—	(1)	575	745	—		575	745	1,320	183	2004	40.0
Maryland	EMD003	—	(1)	362	468	(3	)	362	465	827	115	2004	40.0
Maryland	EMD004	—	(1)	884	1,145	(9	)	884	1,136	2,020	282	2004	40.0
Maryland	EMD005	—	(1)	371	481	—		371	481	852	118	2004	40.0
Maryland	EMD006	—	(1)	399	518	(4	)	399	514	913	127	2004	40.0




				Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
State		Encumbrances		Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition(2)		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
Maryland	EMD007	—	(1)	649	839	(6	)	649	833	1,482	206	2004	40.0
Maryland	EMD008	—	(1)	366	473	(3	)	366	470	836	116	2004	40.0
Maryland	EMD009	—	(1)	398	516	(4	)	398	512	910	127	2004	40.0
Maryland	EMD011	—	(1)	1,126	1,458	—		1,126	1,458	2,584	359	2004	40.0
Massachusetts	EMA001	—	(1)	523	678	(6	)	523	672	1,195	167	2004	40.0
Massachusetts	EMA002	—	(1)	548	711	—		548	711	1,259	175	2004	40.0
Massachusetts	EMA003	—	(1)	519	672	(5	)	519	667	1,186	165	2004	40.0
Massachusetts	EMA004	—	(1)	344	445	—		344	445	789	109	2004	40.0
Michigan	EMI002	—	(1)	516	667	(5	)	516	662	1,178	164	2004	40.0
Michigan	EMI003	—	(1)	554	718	—		554	718	1,272	177	2004	40.0
Michigan	EMI004	—	(1)	387	500	(4	)	387	496	883	123	2004	40.0
Michigan	EMI005	—	(1)	533	691	(6	)	533	685	1,218	170	2004	40.0
Michigan	EMI006	—	(1)	356	460	—		356	460	816	113	2004	40.0
Minnesota	EMN001	—	(1)	666	861	(6	)	666	855	1,521	212	2004	40.0
Minnesota	EMN002	—	(1)	2,962	—	15,384		2,962	15,384	18,346	2,507	2006	40.0
Minnesota	EMN004	—	(1)	2,437	8,715	679		2,437	9,394	11,831	1,939	2006	40.0
Missouri	EMO001	—	(1)	334	432	—		334	432	766	106	2004	40.0
Missouri	EMO002	—	(1)	404	523	(4	)	404	519	923	129	2004	40.0
Missouri	EMO003	—	(1)	462	597	(4	)	462	593	1,055	147	2004	40.0
Missouri	EMO004	—	(1)	878	1,139	—		878	1,139	2,017	280	2004	40.0
New Jersey	ENJ001	—	(1)	1,560	2,019	(15	)	1,560	2,004	3,564	497	2004	40.0
New Jersey	ENJ002	—	(1)	830	1,075	—		830	1,075	1,905	264	2004	40.0
Nevada	ENV001	—	(1)	440	569	(4	)	440	565	1,005	140	2004	40.0
New York	ENY001	—	(1)	603	779	(6	)	603	773	1,376	192	2004	40.0
New York	ENY002	—	(1)	442	571	—		442	571	1,013	141	2004	40.0
New York	ENY003	—	(1)	562	728	—		562	728	1,290	179	2004	40.0
New York	ENY004	—	(1)	385	499	(3	)	385	496	881	123	2004	40.0
New York	ENY005	—	(1)	350	453	—		350	453	803	111	2004	40.0
New York	ENY007	—	(1)	494	640	—		494	640	1,134	157	2004	40.0
New York	ENY006	—	(1)	326	421	—		326	421	747	104	2004	40.0
New York	ENY008	—	(1)	320	414	(3	)	320	411	731	102	2004	40.0
New York	ENY009	—	(1)	399	516	(4	)	399	512	911	127	2004	40.0
New York	ENY010	—	(1)	959	1,240	(9	)	959	1,231	2,190	305	2004	40.0
New York	ENY011	—	(1)	587	761	—		587	761	1,348	187	2004	40.0
New York	ENY012	—	(1)	521	675	(5	)	521	670	1,191	166	2004	40.0




				Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
State		Encumbrances		Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition(2)		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
New York	ENY013	—	(1)	711	920	—		711	920	1,631	226	2004	40.0
New York	ENY014	—	(1)	558	723	(6	)	558	717	1,275	178	2004	40.0
New York	ENY015	—	(1)	747	967	—		747	967	1,714	238	2004	40.0
New York	ENY016	—	(1)	683	885	(7	)	683	878	1,561	218	2004	40.0
New York	ENY017	—	(1)	1,492	1,933	—		1,492	1,933	3,425	475	2004	40.0
New York	ENY018	—	(1)	1,471	1,904	(14	)	1,471	1,890	3,361	468	2004	40.0
North Carolina	ENC001	—	(1)	397	513	—		397	513	910	126	2004	40.0
North Carolina	ENC002	—	(1)	476	615	(4	)	476	611	1,087	151	2004	40.0
North Carolina	ENC003	—	(1)	410	530	(4	)	410	526	936	130	2004	40.0
North Carolina	ENC004	—	(1)	402	520	(4	)	402	516	918	128	2004	40.0
North Carolina	ENC005	—	(1)	948	1,227	—		948	1,227	2,175	302	2004	40.0
North Carolina	ENC006	—	(1)	259	336	(3	)	259	333	592	83	2004	40.0
North Carolina	ENC007	—	(1)	349	452	—		349	452	801	111	2004	40.0
North Carolina	ENC008	—	(1)	640	828	—		640	828	1,468	204	2004	40.0
North Carolina	ENC009	—	(1)	409	531	—		409	531	940	130	2004	40.0
North Carolina	ENC010	—	(1)	965	1,249	(10	)	965	1,239	2,204	307	2004	40.0
North Carolina	ENC011	—	(1)	475	615	—		475	615	1,090	151	2004	40.0
North Carolina	ENC012	—	(1)	494	638	(4	)	494	634	1,128	157	2004	40.0
Ohio	EOH001	—	(1)	434	562	—		434	562	996	138	2004	40.0
Ohio	EOH002	—	(1)	967	1,252	(9	)	967	1,243	2,210	308	2004	40.0
Ohio	EOH003	—	(1)	281	365	(3	)	281	362	643	90	2004	40.0
Ohio	EOH004	—	(1)	393	508	—		393	508	901	125	2004	40.0
Oklahoma	EOK001	—	(1)	431	557	(4	)	431	553	984	137	2004	40.0
Oklahoma	EOK002	—	(1)	954	1,235	—		954	1,235	2,189	304	2004	40.0
Oregon	EOR002	—	(1)	393	508	(4	)	393	504	897	125	2004	40.0
Pennsylvania	EPA001	—	(1)	407	527	—		407	527	934	130	2004	40.0
Pennsylvania	EPA002	—	(1)	421	544	—		421	544	965	134	2004	40.0
Pennsylvania	EPA003	—	(1)	409	528	(4	)	409	524	933	130	2004	40.0
Pennsylvania	EPA004	—	(1)	407	527	(3	)	407	524	931	130	2004	40.0
Puerto Rico	EPR001	—	(1)	950	1,230	—		950	1,230	2,180	303	2004	40.0
Rhode Island	ERI001	—	(1)	850	1,100	(8	)	850	1,092	1,942	271	2004	40.0
South Carolina	ESC001	—	(1)	943	1,220	(9	)	943	1,211	2,154	300	2004	40.0
South Carolina	ESC002	—	(1)	332	429	—		332	429	761	106	2004	40.0
South Carolina	ESC003	—	(1)	924	1,196	—		924	1,196	2,120	294	2004	40.0
Tennessee	ETN001	—	(1)	260	338	—		260	338	598	83	2004	40.0




				Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
State		Encumbrances		Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition(2)		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
Texas	ETX001	—	(1)	1,045	1,353	—		1,045	1,353	2,398	333	2004	40.0
Texas	ETX002	—	(1)	593	767	(6	)	593	761	1,354	189	2004	40.0
Texas	ETX003	—	(1)	985	1,276	—		985	1,276	2,261	314	2004	40.0
Texas	ETX004	—	(1)	838	1,083	(8	)	838	1,075	1,913	267	2004	40.0
Texas	ETX005	—	(1)	528	682	(5	)	528	677	1,205	168	2004	40.0
Texas	ETX006	—	(1)	480	622	(4	)	480	618	1,098	153	2004	40.0
Texas	ETX007	—	(1)	975	1,261	(10	)	975	1,251	2,226	310	2004	40.0
Texas	ETX008	—	(1)	1,108	1,433	(10	)	1,108	1,423	2,531	353	2004	40.0
Texas	ETX009	—	(1)	425	549	(58	)	425	491	916	127	2004	40.0
Texas	ETX010	—	(1)	518	671	—		518	671	1,189	165	2004	40.0
Texas	ETX011	—	(1)	758	981	1		758	982	1,740	241	2004	40.0
Texas	ETX013	—	(1)	375	485	(3	)	375	482	857	119	2004	40.0
Texas	ETX014	—	(1)	438	567	(4	)	438	563	1,001	140	2004	40.0
Texas	ETX017	—	(1)	561	726	—		561	726	1,287	179	2004	40.0
Texas	ETX018	—	(1)	753	976	—		753	976	1,729	240	2004	40.0
Texas	ETX019	—	(1)	521	675	—		521	675	1,196	166	2004	40.0
Texas	ETX020	—	(1)	634	821	(6	)	634	815	1,449	202	2004	40.0
Texas	ETX021	—	(1)	379	491	(4	)	379	487	866	121	2004	40.0
Texas	ETX022	—	(1)	592	766	—		592	766	1,358	188	2004	40.0
Utah	EUT001	—	(1)	624	808	—		624	808	1,432	199	2004	40.0
Virginia	EVA001	—	(1)	1,134	1,467	—		1,134	1,467	2,601	361	2004	40.0
Virginia	EVA002	—	(1)	845	1,094	—		845	1,094	1,939	269	2004	40.0
Virginia	EVA003	—	(1)	884	1,145	(9	)	884	1,136	2,020	282	2004	40.0
Virginia	EVA004	—	(1)	953	1,233	(10	)	953	1,223	2,176	303	2004	40.0
Virginia	EVA005	—	(1)	487	632	—		487	632	1,119	155	2004	40.0
Virginia	EVA006	—	(1)	425	550	(4	)	425	546	971	135	2004	40.0
Virginia	EVA007	—	(1)	1,151	1,490	(11	)	1,151	1,479	2,630	367	2004	40.0
Virginia	EVA008	—	(1)	546	707	—		546	707	1,253	174	2004	40.0
Virginia	EVA009	—	(1)	851	1,103	—		851	1,103	1,954	271	2004	40.0
Virginia	EVA010	—	(1)	819	1,061	—		819	1,061	1,880	261	2004	40.0
Virginia	EVA011	—	(1)	958	1,240	—		958	1,240	2,198	305	2004	40.0
Virginia	EVA012	—	(1)	788	1,020	(8	)	788	1,012	1,800	251	2004	40.0
Virginia	EVA013	—	(1)	554	716	(5	)	554	711	1,265	176	2004	40.0
Washington	EWA001	—	(1)	1,500	6,500	—		1,500	6,500	8,000	1,927	2003	40.0
Wisconsin	EWI001	—	(1)	521	673	2		521	675	1,196	166	2004	40.0




					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)			Gross Amount Carried at Close of Period
State		Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition(2)			Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciable Life (Years)
Wisconsin	EWI002	—		(1)	413		535		—			413		535		948		132		2004	40.0
Wisconsin	EWI003	—		(1)	542		702		(6		)	542		696		1,238		173		2004	40.0
Wisconsin	EWI004	—		(1)	793		1,025		(8		)	793		1,017		1,810		252		2004	40.0
Wisconsin	EWI005	—		(1)	1,124		1,455		—			1,124		1,455		2,579		358		2004	40.0
Subtotal		$	—		$	133,448	$	253,122	$	88,867		$	133,431	$	342,006	$	475,437	$	77,763
RETAIL:
Arizona	RAZ003	—			2,625		4,875		536			2,625		5,411		8,036		258		2009	40.0
Arizona	RAZ004	—			2,184		4,056		(1,588		)	2,184		2,468		4,652		134		2009	0.0
Arizona	RAZ005	—		(1)	2,657		2,666		(277		)	2,657		2,389		5,046		225		2011	40.0
California	RCA001	—		(1)	2,569		3,031		150			2,569		3,181		5,750		322		2010	40.0
Colorado	RCO001	—		(1)	2,631		279		5,195			2,607		5,498		8,105		915		2006	40.0
Florida	RFL003	—		(1)	3,950		—		10,285			3,908		10,327		14,235		1,897		2005	40.0
Hawaii	RHI001	—			3,393		21,155		3,332			3,393		24,487		27,880		2,792		2009	40.0
Illinois	RIL002	—			14,934		29,675		1,692			14,934		31,367		46,301		1,495		2012	40.0
Illinois	RIL001	—		(1)	—		336		695			—		1,031		1,031		221		2010	40.0
New Mexico	RNM001	—		(1)	1,733		—		8,370			1,705		8,398		10,103		1,418		2005	40.0
New York	RNY001	—		(1)	731		6,073		699			711		6,792		7,503		1,538		2005	40.0
Pennsylvania	RPA001	—		(1)	5,687		56,950		1,754			5,687		58,704		64,391		4,439		2011	40.0
South Carolina	RSC001	—			2,126		948		(790		)	1,337		947		2,284		158		2007	40.0
Texas	RTX001	—		(1)	3,538		4,215		171			3,514		4,410		7,924		1,112		2005	40.0
Texas	RTX002	—			1,225		2,275		(791		)	1,225		1,484		2,709		—		2010	0.0
Texas	RTX003	—			630		1,170		(409		)	630		761		1,391		—		2010	0.0
Utah	RUT001	—		(1)	3,502		—		5,975			3,502		5,975		9,477		1,082		2005	40.0
Virginia	RVA001	—		(1)	4,720		16,711		—			4,720		16,711		21,431		674		2011	40.0
Washington	RWA001	—			1,301		—		(990		)	311		—		311		—		2012	0.0
Subtotal		$	—		$	60,136	$	154,415	$	34,009		$	58,219	$	190,341	$	248,560	$	18,680
HOTEL:
California	HCA002	—		(1)	4,394		27,030		(871		)	4,394		26,159		30,553		10,632		1998	40.0
California	HCA003	—		(1)	3,308		20,623		(664		)	3,308		19,959		23,267		8,097		1998	40.0
Colorado	HCO001	—		(1)	1,242		7,865		(253		)	1,242		7,612		8,854		3,081		1998	40.0
Georgia	HGA001	—		(1)	6,378		25,514		562			6,378		26,076		32,454		2,813		2010	40.0
Hawaii	HHI001	—		(1)	17,996		17,996		6,971			17,996		24,967		42,963		4,078		2009	40.0
Hawaii	HHI002	—			3,000		12,000		1,090			3,000		13,090		16,090		1,294		2009	0.0
Utah	HUT001	—		(1)	5,620		32,695		(1,058		)	5,620		31,637		37,257		12,964		1998	40.0
Washington	HWA004	—		(1)	5,101		32,080		(1,031		)	5,101		31,049		36,150		12,580		1998	40.0




					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)			Gross Amount Carried at Close of Period
State		Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition(2)			Land		Building and Improvements		Total			Accumulated Depreciation			Date Acquired	Depreciable Life (Years)
Subtotal		$	—		$	47,039	$	175,803	$	4,746		$	47,039	$	180,549	$	227,588		$	55,539
APARTMENT/RESIDENTIAL:
Arizona	AAZ001	—			2,423		—		1,921			2,423		1,921		4,344			—			2010	0.0
California	ACA001	—		(1)	7,333		29,333		(16,179		)	4,097		16,390		20,487			—			2009	0.0
California	ACA002	—		(1)	10,078		40,312		(38,529		)	2,372		9,489		11,861			—			2007	0.0
California	ACA003	—		(1)	7,654		17,859		(20,530		)	2,296		2,687		4,983			—			2013	0.0
Florida	AFL001	—		(1)	2,394		24,206		(26,239		)	32		329		361			—			2009	0.0
Florida	AFL002	—			6,540		15,260		(827		)	6,540		14,433		20,973			—			2010	0.0
Florida	AFL003	—			30,900		30,900		(55,614		)	3,093		3,093		6,186			—			2011	0.0
Georgia	AGA001	—		(1)	2,963		11,850		5,148			3,992		15,969		19,961			—			2010	0.0
Hawaii	AHI001	—		(1)	8,080		12,120		(18,535		)	666		999		1,665			—			2010	0.0
Hawaii	AHI003	—		(1)	3,483		9,417		(10,090		)	759		2,051		2,810			—			2009	0.0
Nevada	ANZ001	—		(1)	18,117		106,829		(103,327		)	3,134		18,485		21,619			—			2009	0.0
New Jersey	ANJ001	—			36,405		64,719		(89,134		)	4,316		7,674		11,990			—			2009	0.0
Pennsylvania	APA001	—			44,438		82,527		(93,932		)	11,562		21,471		33,033			—			2012	0.0
Pennsylvania	APA002	—			15,890		29,510		(6,106		)	15,891		23,403		39,294			—			2012	0.0
Washington	AWA001	—		(1)	2,342		44,478		(40,189		)	333		6,298		6,631			—			2009	0.0
Subtotal		$	—		$	199,040	$	519,320	$	(512,162	)	$	61,506	$	144,692	$	206,198		$	—
MIXED USE:
Arizona	MAZ002	—		(1)	10,182		52,544		17,269			10,031		69,965		79,995			5,035			2011	40.0
California	MCA001	—		(1)	5,869		629		3			5,870		631		6,501			44			2010	0.0
Florida	MFL001	—		(1)	8,450		8,216		(2,960		)	8,450		5,256		13,706			1,392			2008	40.0
Georgia	MGA001	—		(1)	4,480		17,916		1,981			4,479		19,897		24,377			496			2010	0.0
Subtotal		$	—		$	28,981	$	79,305	$	16,293		$	28,830	$	95,749	$	124,579		$	6,967
Total		$	281,429		$	1,603,209	$	2,230,043	$	(244,180	)	$	1,464,930	$	2,124,142	$	3,589,072	(3) (4)	$	432,374	(4)

Explanatory Notes:

_______________________________________________________________________________


(1)	Consists of properties pledged as collateral under the Company's secured credit facilities with a total book value of $1.43 billion.


(2)	Includes impairments and unit sales.


(3)	The aggregate cost for Federal income tax purposes was approximately $3.86 billion at December 31, 2013.


(4)	Includes $7.9 million relating to accumulated depreciation for real estate assets held for sale as of December 31, 2013.

1. Reconciliation of Real Estate:

The following table reconciles Real Estate from January 1, 2011 to December 31, 2013:



	2013			2012			2011
Balance at January 1	$	3,763,310		$	3,927,750		$	3,672,966
Improvements and additions	126,664			111,760			43,671
Acquisitions through foreclosure	31,764			269,100			501,519
Other acquisitions	69,379			—			—
Dispositions	(388,906		)	(510,504		)	(269,761		)
Impairments	(13,139		)	(34,796		)	(20,645		)
Balance at December 31	$	3,589,072		$	3,763,310		$	3,927,750

2. Reconciliation of Accumulated Depreciation:

The following table reconciles Accumulated Depreciation from January 1, 2011 to December 31, 2013:



	2013			2012			2011
Balance at January 1	$	(388,346	)	$	(356,810	)	$	(327,682	)
Additions	(59,208		)	(59,968		)	(52,418		)
Dispositions	15,180			28,432			23,290
Balance at December 31	$	(432,374	)	$	(388,346	)	$	(356,810	)

Schedule IV-Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2013

Mortgage Loans on Real Estate [Abstract]

Schedule IV—Mortgage Loans on Real Estate

iStar Financial Inc.

Schedule IV—Mortgage Loans on Real Estate

As of December 31, 2013

($ in thousands)



Type of Loan/Borrower	Underlying Property Type	Contractual Interest Accrual Rates	Contractual Interest Payment Rates	Effective Maturity Dates	Periodic Payment Terms	Prior Liens		Face Amount of Mortgages		Carrying Amount of Mortgages(1)(2)
Senior Mortgages:
Borrower A	Mixed Use/Mixed Collateral	LIBOR + 3.3%	LIBOR + 3.3%	April 2014	IO	$	—	$	92,446	$	92,518
Borrower B(3)	Entertainment/Leisure	17%	17%	April 2009	IO	—		224,223		77,427
Borrower C	Apartment/Residential	LIBOR + 5.25%	LIBOR + 5.25%	May 2014	IO	—		66,502		67,263
Borrower D(4)	Industrial/R&D	LIBOR + 4.5%	LIBOR + 4.5%	December 2014	IO	—		65,931		64,497
Borrower E(5)	Land	LIBOR + 3.5%	LIBOR + 3.5%	January 2014	IO	—		58,175		53,569
Borrower F(6)	Land	LIBOR + 1.75%	LIBOR + 1.75%	August 2012	IO	—		75,000		30,808
Borrower G(7)	Retail	LIBOR + 3%	LIBOR + 3%	July 2009	IO	—		48,358		26,553
Borrower H	Retail	8%	8%	April 2017	P&I	—		26,414		26,450
Borrower I(8)	Land	LIBOR + 5.58%	LIBOR + 5.58%	July 2009	IO	—		50,000		26,231
Borrower J	Apartment/Residential	8%	5%	December 2014	IO	—		26,043		26,092
Senior mortgages individually <3%	Apartment/Residential, Retail, Land, Industrial/R&D, Mixed Use/Mixed Collateral, Office, Hotel, Entertainment/Leisure, Other	Fixed: 4% to 13% Variable: LIBOR + 1.5% to LIBOR + 7%	Fixed: 4% to 10% Variable: LIBOR + 0.5% to LIBOR + 7%	2014 to 2024				335,692		275,709
								$	1,068,784	$	767,117
Subordinate Mortgages:
Borrower K	Other	8%	8%	April 2015	IO	$	100,000	$	25,000	$	24,962
Subordinate mortgages individually <3%	Retail, Mixed Use/Mixed Collateral, Hotel, Other	Fixed: 5% to 14%	Fixed: 8.12% to 14%	2014 to 2018				35,694		35,717
								$	60,694	$	60,679
Total mortgages								$	1,129,478	$	827,796

Explanatory Notes:

_______________________________________________________________________________


(1)	Amounts are presented net of asset-specific reserves of $304.5 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell.


(2)	The carrying amount of mortgages approximated the federal income tax basis.


(3)	Loan is in default with $224.2 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status.


(4)	As of December 31, 2013, included a LIBOR interest rate floor of 3.88%.


(5)	As of December 31, 2013, included a LIBOR interest rate floor of 3.50%.


(6)	Loan is in default with $75.0 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status.


(7)	Loan is in default with $48.4 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status. As of December 31, 2013, included a LIBOR interest rate floor of 4.0%.


(8)	Loan is in default with $50.0 million of principal that is more than 90 days delinquent. Loan is designated as non-performing and is on non-accrual status.

iStar Financial Inc.

Schedule IV—Mortgage Loans on Real Estate (Continued)

As of December 31, 2013

($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2011 to December 31, 2013(1):



	2013			2012			2011
Balance at January 1	$	1,421,654		$	2,449,554		$	4,012,067
Additions:
New mortgage loans	19,249			2,205			20,000
Additions under existing mortgage loans	31,589			29,887			82,598
Other(2)	16,385			33,324			32,922
Deductions(3):
Collections of principal	(636,883		)	(700,943		)	(1,047,943		)
Recovery of (provision for) loan losses	25,011			(121,869		)	(93,187		)
Transfers to real estate and equity investments	(49,100		)	(270,359		)	(556,753		)
Amortization of premium	(109		)	(145		)	(150		)
Balance at December 31	$	827,796		$	1,421,654		$	2,449,554

Explanatory Notes:

_______________________________________________________________________________


(1)	Balances represent the carrying value of loans, which are net of asset specific reserves.


(2)	Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates.


(3)	Amounts are presented net of charge-offs of $152.8 million, $106.9 million and $214.0 million for the years ended December 31, 2013, 2012 and 2011, respectively.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Real estate - capitalization and depreciation

Real estate - purchase price allocation

Real estate - impairments and real estate available and held for sale

Real estate - dispositions

Loans receivable and other lending investments, net

Debt securities, other than temporary impairment

Equity and cost method investments

Cash and cash equivalents

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

Restricted cash

Restricted cash—Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions.

Variable interest entities

Deferred expenses

Identified intangible assets

Revenue recognition

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

Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method.

Revenue recognition, leases

Revenue recognition, operating lease income

Revenue recognition, interest income

Interest Income: Interest income on loans receivable is recognized on an accrual basis using the interest method.

Revenue recognition, other income

Reserve for loan losses

Gain or loss on debt extinguishments

Derivative instruments and hedging activity

Stock-based compensation

Income taxes

The following represents the Company's TRS income tax expense ($ in thousands):



	For the Years Ended December 31,
	2013		2012			2011
Current tax (expense) benefit	$	659	$	(8,445	)	$	(9,010	)
Deferred tax (expense) benefit	—		—			13,729
Total income tax (expense) benefit	$	659	$	(8,445	)	$	4,719

Total cash paid for taxes for the years ended December 31, 2013, 2012 and 2011, was $9.2 million, $5.5 million and $8.5 million, respectively.

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



	As of December 31,
	2013			2012
Deferred tax assets(1)	$	55,962		$	40,800
Valuation allowance	(55,962		)	(40,800		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________

(1)

Earnings per share

Summary of Significant Accounting Policies (Tables) - Taxable REIT Subsidiaries (TRSs)

12 Months Ended

Dec. 31, 2013

Income Taxes [Line Items]

Schedule of entity's TRS income tax expense

The following represents the Company's TRS income tax expense ($ in thousands):



	For the Years Ended December 31,
	2013		2012			2011
Current tax (expense) benefit	$	659	$	(8,445	)	$	(9,010	)
Deferred tax (expense) benefit	—		—			13,729
Total income tax (expense) benefit	$	659	$	(8,445	)	$	4,719

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

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



	As of December 31,
	2013			2012
Deferred tax assets(1)	$	55,962		$	40,800
Valuation allowance	(55,962		)	(40,800		)
Net deferred tax assets (liabilities)	$	—		$	—

Explanatory Note:

_______________________________________________________________________________

(1)

Real Estate (Tables)

12 Months Ended

Dec. 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			Operating Properties			Land			Total
As of December 31, 2013
Land and land improvements	$	350,817		$	132,934		$	803,238		$	1,286,989
Buildings and improvements	1,346,071			587,574			—			1,933,645
Less: accumulated depreciation and amortization	(338,640		)	(82,420		)	(3,393		)	(424,453		)
Real estate, net	$	1,358,248		$	638,088		$	799,845		$	2,796,181
Real estate available and held for sale	—			228,328			132,189			360,517
Total real estate	$	1,358,248		$	866,416		$	932,034		$	3,156,698
As of December 31, 2012
Land and land improvements	$	344,239		$	132,028		$	786,114		$	1,262,381
Buildings and improvements	1,282,571			572,453			—			1,855,024
Less: accumulated depreciation and amortization	(310,605		)	(65,409		)	(2,292		)	(378,306		)
Real estate, net	$	1,316,205		$	639,072		$	783,822		$	2,739,099
Real estate available and held for sale	—			454,587			181,278			635,865
Total real estate	$	1,316,205		$	1,093,659		$	965,100		$	3,374,964

Schedule of Real Estate Asset Reclassifications

In connection with the reclassification of these assets to held and used, the Company reclassified their results of operations for each of the periods presented, as follows:



	For the Years Ended December 31,
	2012			2011
Other income	$	21,148		$	21,663
Real estate expenses	$	(22,603	)	$	(24,297	)

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 years ended December 31, 2013, 2012 and 2011, respectively ($ in thousands):



	For the Years Ended December 31,
	2013			2012			2011
Revenues	$	5,545		$	14,132		$	23,090
Total expenses	(3,138		)	(9,037		)	(19,457		)
Impairment of assets	(1,763		)	(22,576		)	(9,147		)
Income (loss) from discontinued operations	$	644		$	(17,481	)	$	(5,514	)

Schedule of Future Minimum Rental Payments for Operating Leases



Year	Net Lease Assets		Operating Properties
2014	$	132,996	$	53,283
2015	$	133,272	$	48,851
2016	$	131,738	$	46,476
2017	$	125,142	$	44,516
2018	$	123,464	$	37,979

Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands):



2014	$	5,797
2015	$	5,287
2016	$	5,408
2017	$	5,023
2018	$	4,179
Thereafter	$	11,709

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

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 and Other Lending Investments, net (Tables)

12 Months Ended

Dec. 31, 2013

Receivables [Abstract]

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



	As of December 31,
Type of Investment	2013			2012
Senior mortgages	$	1,071,662		$	1,751,256
Subordinate mortgages	60,679			152,737
Corporate/Partnership loans	473,045			450,491
Total gross carrying value of loans	$	1,605,386		$	2,354,484
Reserves for loan losses	(377,204		)	(524,499		)
Total loans receivable, net	$	1,228,182		$	1,829,985
Other lending investments—securities	141,927			—
Total loans receivable and other lending investments, net(1)	$	1,370,109		$	1,829,985

Explanatory Note:

_______________________________________________________________________________


(1)	The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

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

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



	For the Years Ended December 31,
	2013			2012			2011
Reserve for loan losses at beginning of period	$	524,499		$	646,624		$	814,625
Provision for loan losses(1)	5,489			81,740			46,412
Charge-offs	(152,784		)	(203,865		)	(214,413		)
Reserve for loan losses at end of period	$	377,204		$	524,499		$	646,624

Explanatory Note:

_______________________________________________________________________________


(1)	For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively.

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

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



	Individually Evaluated for Impairment(1)			Collectively Evaluated for Impairment(2)			Loans Acquired with Deteriorated Credit Quality(3)			Total
As of December 31, 2013
Loans	$	752,425		$	849,613		$	9,889		$	1,611,927
Less: Reserve for loan losses	(348,004		)	(29,200		)	—			(377,204		)
Total	$	404,421		$	820,413		$	9,889		$	1,234,723
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 $4.6 million and $3.8 million as of December 31, 2013 and 2012, respectively.


(3)	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million and $0.1 million as of December 31, 2013 and 2012, respectively. These loans had cumulative principal balances of $10.2 million and $58.8 million, as of December 31, 2013 and 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
	December 31, 2013			December 31, 2012
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	591,145	2.50	$	840,593	2.75
Subordinate mortgages	61,364		3.37	99,698		2.27
Corporate/Partnership loans	438,831		3.88	444,772		3.69
Total	$	1,091,340	3.11	$	1,385,063	3.01

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

As of December 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	$	625,267	$	—	$	449,085	$	449,085	$	1,074,352
Subordinate mortgages	61,364		—		—		—		61,364
Corporate/Partnership loans	476,211		—		—		—		476,211
Total	$	1,162,842	$	—	$	449,085	$	449,085	$	1,611,927

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 December 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	$	3,012	$	2,992	$	—		$	108,077	$	107,850	$	—
Corporate/Partnership loans	—		—		—			10,110		10,160		—
Subtotal	$	3,012	$	2,992	$	—		$	118,187	$	118,010	$	—
With an allowance recorded:
Senior mortgages	$	650,337	$	645,463	$	(304,544	)	$	918,975	$	918,496	$	(442,760	)
Subordinate mortgages	—		—		—			53,979		53,679		(39,579		)
Corporate/Partnership loans	99,076		99,067		(43,460		)	63,096		63,246		(9,060		)
Subtotal	$	749,413	$	744,530	$	(348,004	)	$	1,036,050	$	1,035,421	$	(491,399	)
Total:
Senior mortgages	$	653,349	$	648,455	$	(304,544	)	$	1,027,052	$	1,026,346	$	(442,760	)
Subordinate mortgages	—		—		—			53,979		53,679		(39,579		)
Corporate/Partnership loans	99,076		99,067		(43,460		)	73,206		73,406		(9,060		)
Total	$	752,425	$	747,522	$	(348,004	)	$	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 December 31, 2013 and 2012, certain loans modified through troubled debt restructurings with a recorded investment of $231.8 million and $175.0 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status.

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

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



	For the Years Ended December 31,
	2013				2012				2011
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Senior mortgages	$	31,409	$	9,269	$	162,093	$	2,765	$	309,079	$	31,799
Corporate/Partnership loans	8,062		6,050		10,110		160		10,110		680
Subtotal	$	39,471	$	15,319	$	172,203	$	2,925	$	319,189	$	32,479
With an allowance recorded:
Senior mortgages	$	794,247	$	1,976	$	1,064,045	$	3,865	$	1,608,486	$	7,187
Subordinate mortgages	32,382		—		52,208		—		19,477		—
Corporate/Partnership loans	77,661		323		62,248		312		66,087		332
Subtotal	$	904,290	$	2,299	$	1,178,501	$	4,177	$	1,694,050	$	7,519
Total:
Senior mortgages	$	825,656	$	11,245	$	1,226,138	$	6,630	$	1,917,565	$	38,986
Subordinate mortgages	32,382		—		52,208		—		19,477		—
Corporate/Partnership loans	85,723		6,373		72,358		472		76,197		1,012
Total	$	943,761	$	17,618	$	1,350,704	$	7,102	$	2,013,239	$	39,998

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 Years Ended December 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	6	$	179,030	$	154,278	8	$	319,667	$	272,753

Schedule of troubled debt restructurings that subsequently defaulted

Troubled debt restructurings that subsequently defaulted during the period were as follows ($ in thousands):



	For the Years Ended December 31,
	2013			2012
	Number of Loans	Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment
Senior mortgages	1	$	26,693	1	$	18,511

Marketable securities

As of December 31, 2013, Other lending investments—securities includes the following ($ in thousands):



	Face Value		Amortized Cost Basis		Net Unrealized Gain (Loss)			Estimated Fair Value		Net Carrying Value
Available-for-Sale Securities
Municipal debt securities	$	1,055	$	1,055	$	(18	)	$	1,037	$	1,037
Held-to-Maturity Securities
Corporate debt securities	139,842		140,890		—			140,890		140,890
Total	$	140,897	$	141,945	$	(18	)	$	141,927	$	141,927

Investments classified by contractual maturity date

As of December 31, 2013, the contractual maturities of the Company's securities were as follows ($ in thousands):



	Held-to-Maturity Securities				Available-for-Sale Securities
	Amortized Cost Basis		Estimated Fair Value		Amortized Cost Basis		Estimated Fair Value
Maturities
Within one year	$	—	$	—	$	—	$	—
After one year through 5 years	140,890		140,890		—		—
After 5 years through 10 years	—		—		—		—
After 10 years	—		—		1,055		1,037
Total	$	140,890	$	140,890	$	1,055	$	1,037

Other Investments (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Equity Method Investments [Line Items]

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

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



	Carrying Value				Equity in Earnings
	As of December 31,				For the Years Ended December 31,
	2013		2012		2013		2012		2011
LNR	$	—	$	205,773	$	16,465	$	60,669	$	53,861
Madison Funds	67,782		56,547		14,796		10,246		3,641
Oak Hill Funds	21,366		29,840		4,174		5,844		1,918
Real estate equity investments	62,205		47,619		2,753		21,636		(5,273		)
Other equity method investments(1)	45,954		47,939		3,332		4,614		40,944
Total equity method investments	$	197,307	$	387,718	$	41,520	$	103,009	$	95,091
Other	9,902		11,125
Total other investments	$	207,209	$	398,843

Explanatory Note:

_______________________________________________________________________________


(1)	For the year ended December 31, 2011, equity in earnings includes $38.4 million of earnings related to Oak Hill Advisors, L.P. and related entities that were sold in October 2011.

Schedule of Equity Method Investments [Line Items]

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



	For the Three Months Ended March 31, 2013			For the Three Months Ended June 30, 2013			For the Six Months Ended December 31, 2013		For the Year Ended December 31, 2013
Carrying value of LNR at beginning of period	$	205,773		$	220,281		$	—	$	205,773
Equity in earnings of LNR for the period(1)	$	45,375		$	—		$	—	$	45,375		(a)
Balance before other than temporary impairment	$	251,148		$	220,281		$	—	$	251,148
Other than temporary impairment(1)	$	(30,867	)	$	—		$	—	$	(30,867	)	(b)
Sales proceeds pursuant to contract	$	—		$	(220,281	)	$	—	$	(220,281	)
Carrying value of LNR at end of period	$	220,281		$	—		$	—	$	—

Schedule of summarized Income Statements

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



	For the Period from October 1, 2012 to April 19,			For the Years Ended September 30,
	2013			2012			2011
Income Statements
Total revenue(2)	$	179,373		$	332,902		$	327,032
Income tax (expense) benefit(3)	$	(2,137	)	$	(6,731	)	$	76,558
Net income attributable to LNR(4)	$	113,478		$	253,039		$	225,190
iStar's ownership percentage	24		%	24		%	24		%
iStar's equity in earnings from LNR(5)	$	45,375		$	60,669		$	53,861

Schedule of summarized Balance Sheets



	As of September 30,
	2013			2012
Balance Sheets
Total assets(2)	$	—		$	98,513,452
Total debt(2)	$	—		$	97,521,520
Total liabilities(2)	$	—		$	97,639,696
Noncontrolling interests	$	—		$	8,067
LNR Property LLC equity	$	—		$	865,689
iStar's ownership percentage	—		%	24		%
iStar's equity in LNR(6)	$	—		$	205,773

Schedule of summarized Cash Flow Statements



	For the Period from October 1, 2012 to April 19,			For the Years Ended September 30,
	2013			2012			2011
Cash Flows
Operating cash flows	$	(127,075	)	$	(85,909	)	$	170,703
Cash flows from investing activities	$	(36,543	)	$	(55,686	)	$	45,488
Cash flows from financing activities	$	217,241		$	229,634		$	(123,506	)
Net cash flows	$	53,623		$	88,039		$	92,685
Cash distributions	$	—		$	61,179		$	73,916
iStar's ownership percentage	24		%	24		%	24		%
Cash distributions received by iStar	—			14,690			17,722

Explanatory Notes:

_______________________________________________________________________________

(1)

(2)


(3)	During the year ended December 31, 2011, LNR recorded an income tax benefit from the settlement of certain tax liabilities.

(4)


(5)	LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013.


(6)	Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively.

Equity method investments excluding LNR

Schedule of Equity Method Investments [Line Items]

Schedule of summarized Income Statements

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



	For the Years Ended December 31,
	2013		2012		2011
Income Statements
Revenues	$	284,513	$	401,870	$	198,340
Net income attributable to parent entities	$	206,198	$	304,960	$	97,066

Schedule of summarized Balance Sheets



	As of December 31,
	2013		2012
Balance Sheets
Total assets	$	2,980,737	$	2,758,889
Total liabilities	$	303,100	$	170,997
Noncontrolling interests	$	333	$	2,253
Total equity	$	2,677,304	$	2,585,639

Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of deferred expenses and other assets, net

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



	As of December 31,
	2013		2012
Intangible assets, net(1)	$	100,652	$	69,134
Other receivables	34,655		11,517
Deferred financing fees, net(2)	33,591		26,629
Leasing costs, net(3)	21,799		20,205
Corporate furniture, fixtures and equipment, net(4)	6,557		7,537
Other assets	40,726		28,102
Deferred expenses and other assets, net	$	237,980	$	163,124

Explanatory Notes:

_______________________________________________________________________________

(1)


(2)	Accumulated amortization on deferred financing fees was $9.9 million and $4.1 million as of December 31, 2013 and 2012, respectively.


(3)	Accumulated amortization on leasing costs was $7.1 million and $6.6 million as of December 31, 2013 and 2012, respectively.


(4)	Accumulated depreciation on corporate furniture, fixtures and equipment was $6.2 million and $6.2 million as of December 31, 2013 and 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 December 31,
	2013		2012
Accrued expenses	$	58,840	$	50,467
Accrued interest payable	40,015		29,521
Intangible liabilities, net(1)	26,223		9,210
Other liabilities	45,753		52,472
Accounts payable, accrued expenses and other liabilities	$	170,831	$	141,670

Explanatory Note:

_______________________________________________________________________________

(1)

Schedule of future amortization costs

The estimated aggregate amortization costs for each of the five succeeding fiscal years are as follows ($ in thousands):



2014	$	10,530
2015	$	7,886
2016	$	7,122
2017	$	6,145
2018	$	4,295

Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of debt obligations

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



	Carrying Value as of December 31,
	2013			2012			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-1 Facility	$	—		$	169,164		LIBOR + 4.00%		(1)	—
2012 Tranche A-2 Facility	431,475			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	1,379,407			—			LIBOR + 3.50%		(3)	October 2017
Term loans collateralized by net lease assets	278,817			264,432			4.851% - 7.26%		(4)	Various through 2026
Total secured credit facilities and term loans	$	2,089,699		$	2,658,062
Unsecured notes:
8.625% senior notes	$	—		$	96,801		8.625	%		—
5.95% senior notes	—			448,453			5.95	%		—
5.70% senior notes	—			200,601			5.70	%		—
6.05% senior notes	105,765			105,765			6.05	%		April 2015
5.875% senior notes	261,403			261,403			5.875	%		March 2016
3.875% senior notes	265,000			—			3.875	%		July 2016
3.0% senior convertible notes(5)	200,000			200,000			3.0	%		November 2016
1.50% senior convertible notes(6)	200,000			—			1.50	%		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
4.875% senior notes	300,000			—			4.875	%		July 2018
Total unsecured notes	$	2,006,890		$	1,987,745
Other debt obligations:
Other debt obligations	$	100,000		$	100,000		LIBOR + 1.50%			October 2035
Total debt obligations	$	4,196,589		$	4,745,807
Debt discounts, net	(38,464		)	(54,313		)
Total debt obligations, net	$	4,158,125		$	4,691,494

Explanatory Notes:

_______________________________________________________________________________


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


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


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


(4)	Includes a loan with a floating rate of LIBOR plus 2.00% and a loan with a floating rate of LIBOR plus 2.75%.


(5)	The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016.


(6)	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at 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 December 31, 2013, future scheduled maturities of outstanding long-term debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2014	$	—		$	21,657		$	21,657
2015	105,765			—			105,765
2016	926,403			—			926,403
2017	374,722			1,810,882			2,185,604
2018	600,000			17,052			617,052
Thereafter	100,000			240,108			340,108
Total principal maturities	$	2,106,890		$	2,089,699		$	4,196,589
Unamortized debt discounts, net	(11,081		)	(27,383		)	(38,464		)
Total long-term debt obligations, net	$	2,095,809		$	2,062,316		$	4,158,125

Schedule of carrying value of encumbered assets by asset type

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



	As of December 31,
	2013				2012
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	1,644,463	$	1,151,718	$	1,640,005	$	1,099,094
Real estate available and held for sale	152,604		207,913		263,842		372,023
Loans receivable, net(1)	860,557		538,752		1,197,403		665,682
Other investments	24,093		183,116		43,545		355,298
Cash and other assets	—		907,995		—		556,207
Total	$	2,681,717	$	2,989,494	$	3,144,795	$	3,048,304

Explanatory Note:

_______________________________________________________________________________


(1)	As of December 31, 2013 and 2012, the amounts presented exclude general reserves for loan losses of $29.2 million and $33.1 million, respectively.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments

As of December 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 and Other Lending Investments		Real Estate		Strategic Investments		Total
Performance-Based Commitments	$	19,436	$	53,164	$	—	$	72,600
Discretionary Fundings	—		—		—		—
Strategic Investments	—		—		46,591		46,591
Total	$	19,436	$	53,164	$	46,591	$	119,191

Schedule of future minimum rental payments for operating leases



Year	Net Lease Assets		Operating Properties
2014	$	132,996	$	53,283
2015	$	133,272	$	48,851
2016	$	131,738	$	46,476
2017	$	125,142	$	44,516
2018	$	123,464	$	37,979

Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands):



2014	$	5,797
2015	$	5,287
2016	$	5,408
2017	$	5,023
2018	$	4,179
Thereafter	$	11,709

Risk Management and Derivatives (Tables)

12 Months Ended

Dec. 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 December 31,						Derivative Liabilities as of December 31,
	2013			2012			2013			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	$	1,418	N/A	$	—	Other Liabilities	$	1,653	Other Liabilities	$	2,855
Interest rate swap	Other Assets	650		N/A	—		N/A	—		Other Liabilities	580
Interest rate cap	Other Assets	9,107		N/A	—		N/A	—		N/A	—
Total		$	11,175		$	—		$	1,653		$	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 years ended December 31, 2013 and 2012 ($ in thousands):



Derivatives Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)			Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)			Amount of Gain (Loss) Recognized in Earnings (Ineffective Portion)
For the Year Ended December 31, 2013
Interest rate cap	Interest Expense	$	(1,517	)	$	—		N/A
Interest rate swap	Interest Expense	$	869		$	310		N/A
Foreign exchange contracts	Other Expense	$	393		$	—		N/A
For the Year Ended December 31, 2012
Interest rate swap	Interest Expense	$	(968	)	$	(44	)	N/A
For the Year Ended December 31, 2011
Interest rate swap	Interest Expense	$	(1,553	)	$	(180	)	N/A



		Amount of Gain or (Loss) Recognized in Income
	Location of Gain or (Loss) Recognized in Income	For the Years Ended December 31,
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) Recognized in Income	2013		2012			2011
Foreign Exchange Contracts	Other Expense	$	880	$	(8,920	)	$	17,406

Schedule of foreign currency derivatives outstanding

The following table presents the Company's qualifying cash flow hedges outstanding as of year ended December 31, 2013 ($ in thousands).

Derivative Type

Notional

Amount

Variable Rate

Fixed Rate

Effective Date

Maturity

Interest Rate Cap

500,000

LIBOR

1.00%

July 2014

July 2017

Interest Rate Swap

27,958

LIBOR + 2.00%

3.47%

October 2012

November 2019

As of December 31, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells INR/Buys USD Forward	₨	456,000	$	7,379	January 2014

As of December 31, 2013, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($ in thousands):



Derivative Type	Notional Amount		Notional (USD Equivalent)		Maturity
Sells EUR/Buys USD Forward	€	80,500	$	110,696	January 2014
Sells GBP/Buys USD Forward	£	3,800	$	6,295	January 2014
Sells CAD/Buys USD Forward	C$	41,500	$	39,036	January 2014

Equity (Tables)

12 Months Ended

Dec. 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:



For the Year Ended December 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



For the Year Ended December 31, 2012
				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
	21,800

Explanatory Notes:

_______________________________________________________________________________

(1)

(2)

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

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



	As of December 31,
	2013			2012
Unrealized gains (losses) on available-for-sale securities	$	(294	)	$	867
Unrealized gains on cash flow hedges	662			607
Unrealized losses on cumulative translation adjustment	(4,644		)	(2,659		)
Accumulated other comprehensive income (loss)	$	(4,276	)	$	(1,185	)

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27011957&loc=d3e177068-122764

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
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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
-Publisher FASB
-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
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
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-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Plans and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of changes in non-vested restricted stock units

Changes in non-vested restricted stock units during the year ended December 31, 2013 were as follows ($ in thousands, except per share amounts):



	Number of Shares		Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Non-vested at December 31, 2012	5,276		$	5.24	$	43,000
Granted	795		$	11.88
Vested	(3,271	)	$	6.33
Forfeited	(21	)	$	4.94
Non-vested at December 31, 2013	2,779		$	5.85	$	39,659

Earnings Per Share (Tables)

12 Months Ended

Dec. 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 Years Ended December 31,
	2013			2012			2011
Income (loss) from continuing operations	$	(220,768	)	$	(314,678	)	$	(51,010	)
Net (income) loss attributable to noncontrolling interests	(718		)	1,500			3,629
Income from sales of residential property	86,658			63,472			5,721
Preferred dividends	(49,020		)	(42,320		)	(42,320		)
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders	$	(183,848	)	$	(292,026	)	$	(83,980	)

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



	For the Years Ended December 31,
	2013			2012			2011
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(177,907	)	$	(282,452	)	$	(81,375	)
Income (loss) from discontinued operations	623			(16,908		)	(5,343		)
Gain from discontinued operations	21,515			26,363			24,331
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(155,769	)	$	(272,997	)	$	(62,387	)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	84,990			83,742			88,688
Basic and diluted earnings per common share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders	$	(2.09	)	$	(3.37	)	$	(0.91	)
Income (loss) from discontinued operations	0.01			(0.20		)	(0.06		)
Gain from discontinued operations	0.25			0.31			0.27
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders	$	(1.83	)	$	(3.26	)	$	(0.70	)



	For the Years Ended December 31,
	2013			2012			2011
Earnings allocable to High Performance Units:
Numerator for basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(5,941	)	$	(9,574	)	$	(2,605	)
Income (loss) from discontinued operations	21			(573		)	(171		)
Gain from discontinued operations	718			894			779
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(5,202	)	$	(9,253	)	$	(1,997	)
Denominator for basic and diluted earnings per HPU share:
Weighted average High Performance Units outstanding for basic and diluted earnings per share	15			15			15
Basic and diluted earnings per HPU share:
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to HPU holders	$	(396.07	)	$	(638.27	)	$	(173.66	)
Income (loss) from discontinued operations	1.40			(38.20		)	(11.40		)
Gain from discontinued operations	47.87			59.60			51.93
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders	$	(346.80	)	$	(616.87	)	$	(133.13	)

Schedule of anti-dilutive shares

For the years ended December 31, 2013, 2012 and 2011 the following shares were anti-dilutive ($ in thousands):



	For the Years Ended December 31,
	2013	2012	2011
Joint venture shares	298	298	298
Stock options	—	—	44
3.00% convertible senior unsecured notes	16,992	—	—
Series J convertible perpetual preferred stock	15,635	—	—
1.50% convertible senior unsecured notes	11,567	—	—

Fair Values (Tables)

12 Months Ended

Dec. 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 December 31, 2013
Recurring basis:
Derivative assets	$	11,175	$	—	$	11,175	$	—
Derivative liabilities	$	1,653	$	—	$	1,653	$	—
Non-recurring basis:
Impaired loans(1)	$	115,423	$	—	$	—	$	115,423
Impaired real estate(2)	$	35,680	$	—	$	5,744	$	29,936
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 Notes:

_______________________________________________________________________________

(1)


(2)	The Company recorded the fair value of two impaired real estate assets with a total fair value of $29.9 million based on a discount rate of 13.0%, average annual rent growth of 4.0% and remaining inventory sell out period with a range of 3.5 to 4.6 years using discounted cash flows.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

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

The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands):



	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
For the Year Ended December 31, 2013
Operating lease income	$	—		$	147,313		$	86,352		$	902		$	—		$	234,567
Interest income	108,015			—			—			—			—			108,015
Other income	4,748			250			38,164			1,474			3,572			48,208
Total revenue	$	112,763		$	147,563		$	124,516		$	2,376		$	3,572		$	390,790
Earnings (loss) from equity method investments	—			2,699			5,546			(5,331		)	38,606			41,520
Income from sales of residential property	—			—			82,603			4,055			—			86,658
Net operating income from discontinued operations(2)	—			1,484			1,251			—			—			2,735
Gain from discontinued operations	—			3,395			18,838			—			—			22,233
Revenue and other earnings	$	112,763		$	155,141		$	232,754		$	1,100		$	42,178		$	543,936
Real estate expense	—			(22,565		)	(101,044		)	(33,832		)	—			(157,441		)
Other expense	(1,625		)	—			—			—			(6,425		)	(8,050		)
Allocated interest expense(2)	(74,377		)	(80,034		)	(49,114		)	(30,368		)	(32,332		)	(266,225		)
Allocated general and administrative(3)	(13,186		)	(14,330		)	(9,189		)	(12,365		)	(23,783		)	(72,853		)
Segment profit (loss)(4)	$	23,575		$	38,212		$	73,407		$	(75,465	)	$	(20,362	)	$	39,367
Other significant non-cash items:
Provision for loan losses	$	5,489		$	—		$	—		$	—		$	—		$	5,489
Impairment of assets(2)	$	—		$	1,176		$	12,449		$	728		$	—		$	14,353
Loss on transfer of interest to unconsolidated subsidiary	$	—		$	—		$	—		$	7,373		$	—		$	7,373
Depreciation and amortization(2)	$	—		$	38,582		$	30,599		$	1,105		$	1,244		$	71,530
Capitalized expenditures	$	—		$	34,076		$	41,131		$	36,346		$	—		$	111,553
As of December 31, 2013
Real estate
Real estate, at cost	$	—		$	1,696,888		$	720,508		$	803,238		$	—		$	3,220,634
Less: accumulated depreciation	—			(338,640		)	(82,420		)	(3,393		)	—			(424,453		)
Real estate, net	$	—		$	1,358,248		$	638,088		$	799,845		$	—		$	2,796,181
Real estate available and held for sale	—			—			228,328			132,189			—			360,517
Total real estate	$	—		$	1,358,248		$	866,416		$	932,034		$	—		$	3,156,698
Loans receivable and other lending investments, net	1,370,109			—			—			—			—			1,370,109
Other investments	—			16,408			16,032			29,765			145,004			207,209
Total portfolio assets	$	1,370,109		$	1,374,656		$	882,448		$	961,799		$	145,004		$	4,734,016
Cash and other assets																907,995
Total assets																$	5,642,011




	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
For the Year Ended December 31, 2012(5)
Operating lease income	$	—		$	149,058		$	65,706		$	1,527		$	—		$	216,291
Interest income	133,410			—			—			—			—			133,410
Other income	8,613			—			32,615			2,635			3,975			47,838
Total revenue	$	142,023		$	149,058		$	98,321		$	4,162		$	3,975		$	397,539
Earnings (loss) from equity method investments	—			2,632			25,142			(6,138		)	81,373			103,009
Income from sales of residential property	—			—			63,472			—			—			63,472
Net operating income from discontinued operations(2)	—			7,289			886			—			—			8,175
Gain from discontinued operations	—			27,257			—			—			—			27,257
Revenue and other earnings	$	142,023		$	186,236		$	187,821		$	(1,976	)	$	85,348		$	599,452
Real estate expense	—			(23,886		)	(100,258		)	(27,314		)	—			(151,458		)
Other expense	(4,775		)	—			—			—			(12,491		)	(17,266		)
Allocated interest expense(2)	(111,898		)	(92,579		)	(69,259		)	(44,125		)	(38,300		)	(356,161		)
Allocated general and administrative(3)	(14,263		)	(10,618		)	(7,572		)	(7,405		)	(25,705		)	(65,563		)
Segment profit (loss)(4)	$	11,087		$	59,153		$	10,732		$	(80,820	)	$	8,852		$	9,004
Other significant non-cash items:
Provision for loan losses	$	81,740		$	—		$	—		$	—		$	—		$	81,740
Impairment of assets(2)	$	—		$	6,670		$	28,501		$	205		$	978		$	36,354
Depreciation and amortization(2)	$	—		$	39,250		$	28,450		$	1,276		$	1,810		$	70,786
Capitalized expenditures	$	—		$	10,994		$	51,579		$	20,497		$	—		$	83,070
As of December 31, 2012
Real estate
Real estate, at cost	$	—		$	1,626,810		$	704,481		$	786,114		$	—		$	3,117,405
Less: accumulated depreciation	—			(310,605		)	(65,409		)	(2,292		)	—			(378,306		)
Real estate, net	$	—		$	1,316,205		$	639,072		$	783,822		$	—		$	2,739,099
Real estate available and held for sale	—			—			454,587			181,278			—			635,865
Total real estate	$	—		$	1,316,205		$	1,093,659		$	965,100		$	—		$	3,374,964
Loans receivable and other lending investments, 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		$	1,332,585		$	1,119,404		$	970,593		$	351,225		$	5,603,792
Cash and other assets																556,207
Total assets																$	6,159,999



	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
For the Year Ended December 31, 2011(5)
Operating lease income	$	—		$	144,548		$	51,153		$	171		$	—		$	195,872
Interest income	226,871			—			—			—			—			226,871
Other income	3,176			—			32,538			1,637			2,371			39,722
Total revenue	$	230,047		$	144,548		$	83,691		$	1,808		$	2,371		$	462,465
Earnings (loss) from equity method investments	—			2,566			(626		)	(7,213		)	100,364			95,091
Income from sales of residential property	—			—			5,721			—			—			5,721
Net operating income from discontinued operations(2)	—			14,135			(937		)	—			—			13,198
Gain from discontinued operations	—			25,110			—			—			—			25,110
Revenue and other earnings	$	230,047		$	186,359		$	87,849		$	(5,405	)	$	102,735		$	601,585
Real estate expense	—			(25,054		)	(92,012		)	(21,648		)	—			(138,714		)
Other expense	(2,866		)	—			—			—			(8,204		)	(11,070		)
Allocated interest expense(2)	(156,163		)	(75,844		)	(52,774		)	(40,480		)	(20,653		)	(345,914		)
Allocated general and administrative(3)	(19,934		)	(9,681		)	(6,737		)	(6,959		)	(32,026		)	(75,337		)
Segment profit (loss)(4)	$	51,084		$	75,780		$	(63,674	)	$	(74,492	)	$	41,852		$	30,550
Other significant non-cash items:
Provision for loan losses	$	46,412		$	—		$	—		$	—		$	—		$	46,412
Impairment of assets(2)	$	—		$	668		$	21,030		$	(184	)	$	872		$	22,386
Depreciation and amortization(2)	$	—		$	42,080		$	18,169		$	1,534		$	2,145		$	63,928
Capitalized expenditures	$	—		$	8,699		$	38,477		$	16,993		$	—		$	64,169

Explanatory Notes:

_______________________________________________________________________________

(1)


(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 $19.3 million, $15.3 million and $29.7 million for the years ended December 31, 2013, 2012 and 2011, respectively.


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



	For the Years Ended December 31,
	2013			2012			2011
Segment profit (loss)	$	39,367		$	9,004		$	30,550
Less: Provision for loan losses	(5,489		)	(81,740		)	(46,412		)
Less: Impairment of assets(2)	(14,353		)	(36,354		)	(22,386		)
Less: Loss on transfer of interest to unconsolidated subsidiary	(7,373		)	—			—
Less: Stock-based compensation expense	(19,261		)	(15,293		)	(29,702		)
Less: Depreciation and amortization(2)	(71,530		)	(70,786		)	(63,928		)
Less: Income tax (expense) benefit(2)	596			(8,445		)	4,719
Add: Gain (loss) on early extinguishment of debt, net	(33,190		)	(37,816		)	101,466
Net income (loss)	$	(111,233	)	$	(241,430	)	$	(25,693	)


(5)	The prior periods' presentation have been conformed for the change in the methodology of allocating interest expense and general and administrative expenses to each segment based on gross carrying value of assets. The allocation was previously based on carrying value of assets net of accumulated depreciation and amortization and general loan loss reserves.

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 Years Ended December 31,
	2013			2012			2011
Segment profit (loss)	$	39,367		$	9,004		$	30,550
Less: Provision for loan losses	(5,489		)	(81,740		)	(46,412		)
Less: Impairment of assets(2)	(14,353		)	(36,354		)	(22,386		)
Less: Loss on transfer of interest to unconsolidated subsidiary	(7,373		)	—			—
Less: Stock-based compensation expense	(19,261		)	(15,293		)	(29,702		)
Less: Depreciation and amortization(2)	(71,530		)	(70,786		)	(63,928		)
Less: Income tax (expense) benefit(2)	596			(8,445		)	4,719
Add: Gain (loss) on early extinguishment of debt, net	(33,190		)	(37,816		)	101,466
Net income (loss)	$	(111,233	)	$	(241,430	)	$	(25,693	)


(5)	The prior periods' presentation have been conformed for the change in the methodology of allocating interest expense and general and administrative expenses to each segment based on gross carrying value of assets. The allocation was previously based on carrying value of assets net of accumulated depreciation and amortization and general loan loss reserves.

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Schedule of selected quarterly financial data for the company

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



	For the Quarters Ended
	December 31,			September 30,			June 30,			March 31,
2013:
Revenue(1)	$	101,073		$	95,696		$	99,919		$	94,102
Net income (loss)	$	(45,992	)	$	(18,590	)	$	(14,398	)	$	(32,253	)
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.	$	(47,043	)	$	(18,757	)	$	(14,087	)	$	(32,064	)
Basic and diluted earnings per share	$	(0.68	)	$	(0.36	)	$	(0.31	)	$	(0.49	)
Weighted average number of common shares—basic and diluted	84,617			85,392			85,125			84,824
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.	$	(1,939	)	$	(1,016	)	$	(866	)	$	(1,381	)
Basic and diluted earnings per share	$	(129.26	)	$	(67.73	)	$	(57.74	)	$	(92.07	)
Weighted average number of HPU shares—basic and diluted	15			15			15			15
	For the Quarters Ended
	December 31,			September 30,			June 30,			March 31,
2012(2):
Revenue(1)	$	96,421		$	93,462		$	106,886		$	100,770
Net income (loss)	$	(79,948	)	$	(64,306	)	$	(51,129	)	$	(46,048	)
Earnings per common share data:
Net income (loss) attributable to iStar Financial Inc.	$	(79,810	)	$	(63,640	)	$	(50,407	)	$	(46,073	)
Basic and diluted earnings per share	$	(1.04	)	$	(0.86	)	$	(0.70	)	$	(0.66	)
Weighted average number of common shares—basic and diluted	83,674			83,629			84,113			83,556
Earnings per HPU share data:
Net income (loss) attributable to iStar Financial Inc.	$	(2,966	)	$	(2,436	)	$	(1,991	)	$	(1,861	)
Basic and diluted earnings per share	$	(197.73	)	$	(162.40	)	$	(132.73	)	$	(124.07	)
Weighted average number of HPU shares—basic and diluted	15			15			15			15

Explanatory Notes:

_______________________________________________________________________________


(1)	All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations.

(2)

Business and Organization (Details) $ in Billions	12 Months Ended
Business and Organization (Details) $ in Billions	Dec. 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	Dec. 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, consolidated, carrying amount, assets	$ 216.1
Variable interest entity, consolidated, carrying amount, liabilities	33.9
Variable interest entity unfunded commitment	$ 38.8
Unconsolidated VIEs
Total revenues and total expenses related to consolidated VIEs
Number of variable interest entities (in investments) \| investments	28
Variable interest entity unfunded commitment	$ 29.6
Carrying value of the investments	$ 179.2

Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details)	12 Months Ended
	Dec. 31, 2013
Building
Property, Plant and Equipment [Line Items]
Useful life of property, plant, and equipment	40 years
Furniture and Equipment
Property, Plant and Equipment [Line Items]
Useful life of property, plant, and equipment	5 years

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Allowance for doubtful accounts receivable	$ 5.9	$ 5.6

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Accounting Policies [Abstract]

Assets with foreclosure elections carrying value

$ 1,120,000

Income Tax Expense [Abstract]

Deferred tax (expense) benefit

$ 0

$ (13,729)

Total income tax (expense) benefit

(659)

8,445

(4,719)

Components of Deferred Tax Assets and Liabilities [Abstract]

Operating loss carryforwards

634,200

Taxable REIT Subsidiaries (TRSs)

Income Taxes [Line Items]

Assets owned by taxable REIT subsidiaries

633,900

Income Tax Expense [Abstract]

Current tax (expense) benefit

659

(8,445)

(9,010)

Deferred tax (expense) benefit

13,729

Total income tax (expense) benefit

659

(8,445)

4,719

Income from TRS entities which are subject to tax

(1,800)

42,200

75,800

Total cash paid for taxes

9,200

5,500

$ 8,500

Components of Deferred Tax Assets and Liabilities [Abstract]

Deferred tax assets(1)

^[1]

55,962

40,800

Valuation allowance

(55,962)

(40,800)

Net deferred tax assets (liabilities)

Real estate asset basis differences

33,000

31,200

Operating loss carryforwards

14,900

10,800

Investment basis differences

$ 8,100

$ (1,200)

[1]

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Land and land improvements	$ 1,286,989	$ 1,262,381
Buildings and improvements	1,933,645	1,855,024
Less: accumulated depreciation and amortization	(424,453)	(378,306)
Real estate, net	2,796,181	2,739,099
Real estate available and held for sale	360,517	635,865
Total real estate	3,156,698	3,374,964
Net Lease
Real Estate Properties [Line Items]
Land and land improvements	350,817	344,239
Buildings and improvements	1,346,071	1,282,571
Less: accumulated depreciation and amortization	(338,640)	(310,605)
Real estate, net	1,358,248	1,316,205
Real estate available and held for sale	0	0
Total real estate	1,358,248	1,316,205
Operating Properties
Real Estate Properties [Line Items]
Land and land improvements	132,934	132,028
Buildings and improvements	587,574	572,453
Less: accumulated depreciation and amortization	(82,420)	(65,409)
Real estate, net	638,088	639,072
Real estate available and held for sale	228,328	454,587
Total real estate	866,416	1,093,659
Land
Real Estate Properties [Line Items]
Land and land improvements	803,238	786,114
Buildings and improvements	0	0
Less: accumulated depreciation and amortization	(3,393)	(2,292)
Real estate, net	799,845	783,822
Real estate available and held for sale	132,189	181,278
Total real estate	$ 932,034	$ 965,100

Real Estate (Real Estate Available and Held for Sale) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2012 USD ($)	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 USD ($) property	Dec. 31, 2011 USD ($)
Real Estate Properties [Line Items]
Real estate available and held for sale		$ 360,517	$ 635,865
Income from sales of residential property	$ 27,900	86,658	63,472	$ 5,721
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale		221,000	374,100
Land
Real Estate Properties [Line Items]
Real estate available and held for sale		$ 132,189	181,278
Number of properties transferred from held-for-sale to held-for-use \| property		2
Property transferred from held for sale		$ 49,700
Number of real estate properties transferred to held for sale \| property		3
Property transferred to held for sale		$ 31,800
Number of real estate properties sold \| property		3
Income from sales of residential property		$ 600
Net Lease
Real Estate Properties [Line Items]
Real estate available and held for sale		0	$ 0
Property transferred to held for sale		$ 9,800
Number of real estate properties sold \| property		5
Gain (Loss) on Disposition of Real Estate, Discontinued Operations		$ 3,600
Commercial Operating Properties
Real Estate Properties [Line Items]
Number of properties transferred from held-for-sale to held-for-use \| property			2
Property transferred from held for sale			$ 49,800
Number of real estate properties sold \| property		6
Depreciation expense on reclassified assets			3,300
Other Income \| Commercial Operating Properties
Real Estate Properties [Line Items]
Reclassification of results of operations			21,148	21,663
Real Estate Expenses \| Commercial Operating Properties
Real Estate Properties [Line Items]
Reclassification of results of operations			$ (22,603)	$ (24,297)

Real Estate (Acquisitions) (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2013

USD ($)

property

Dec. 31, 2012

USD ($)

Dec. 31, 2011

USD ($)

Option to redeem interest at fair value period

^[1],[2]

$ 49,100

$ 270,359

$ 556,753

7 years

Net Lease

Asset Acquisition, Purchase Price

93,600

Acquired finite-lived intangible assets

36,100

Below Market Lease, Acquired

11,900

Acquisition costs

200

Strategic Venture, Commercial Operating Properties

Joint venture, venture ownership percentage

40.00%

Strategic Venture, Active Land Development Projects

Redeemable non-controlling interest

$ 17,400

$ 17,900

Strategic Venture, Active Land Development Projects | Land

Noncontrolling partner contribution

11,600

Corporate Joint Venture

Noncontrolling interest, ownership percentage by parent

63.00%

Fair value of assets acquired

27,300

Joint venture, venture ownership percentage

37.00%

Corporate Joint Venture | Land

Fair value of assets acquired

11,500

Real Estate Acquired in Satisfaction of Debt

Real Estate Acquired in Satisfaction of Debt | Residential Operating Properties

269,100

Real Estate Acquired in Satisfaction of Debt | Commercial Operating Properties

172,400

Real Estate Acquired in Satisfaction of Debt | Land

63,400

Number of Real Estate Properties Acquired | property

Real Estate Acquired in Satisfaction of Debt | Corporate Joint Venture

$ 15,600

$ 33,300

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 25,500

[1]	Amounts are presented net of charge-offs of $152.8 million, $106.9 million and $214.0 million for the years ended December 31, 2013, 2012 and 2011, respectively.
[2]	Balances represent the carrying value of loans, which are net of asset specific reserves.

Real Estate (Dispositions) (Details) $ in Thousands	3 Months Ended	12 Months Ended
Real Estate (Dispositions) (Details) $ in Thousands	Mar. 31, 2012 USD ($)	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 USD ($) property	Dec. 31, 2011 USD ($)	Dec. 31, 2010 property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from sale of residential property	$ 27,900	$ 86,658	$ 63,472	$ 5,721
Loss on transfer of interest to unconsolidated subsidiary		7,373	0	0
Mezzanine loans provided to purchaser of net lease assets			50,800
Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value		18,700
Net gain on sale of net lease assets		$ 2,200
Number of real estate properties sold \| property		5
Commercial Operating Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value		$ 72,600	29,300	17,900
Gain (loss) on disposition of property		$ 18,600
Number of real estate properties sold \| property		6
Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from sale of residential property		$ 600
Property sold, aggregate, carrying value		14,800	72,100	9,500
Gain (loss) on disposition of property		$ 600
Number of real estate properties sold \| property		3
Condominium Units
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of other real estate		$ 269,700	319,300	154,000
Income from sale of residential property		82,600	63,500	5,700
Net Lease \| Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value			9,800	34,100
Net gain on sale of net lease assets			2,400	3,200
Portfolio Lease Asset Sale \| Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value			105,700
Net gain on sale of net lease assets			$ 24,900	$ 22,200
Number of real estate properties sold \| property			12		32
Property subject to or available for operating lease transferred aggregate carrying value		8,700
Real estate equity investments \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value		$ 21,400
iStar's ownership percentage		47.50%
Gain (loss) on disposition of property		$ 3,400
Land \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold, aggregate, carrying value		$ 18,900
Real estate equity investment 75.6% \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
iStar's ownership percentage		75.60%
Loss on transfer of interest to unconsolidated subsidiary		$ 7,400
Property contributed, aggregate, carrying value		$ 24,100
Real estate equity investment 50.0% \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
iStar's ownership percentage		50.00%
Property contributed, aggregate, carrying value		$ 2,800

Real Estate (Discontinued Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate [Abstract]
Revenues	$ 5,545	$ 14,132	$ 23,090
Total expenses	(3,138)	(9,037)	(19,457)
Impairment of assets	(1,763)	(22,576)	(9,147)
Income (loss) from discontinued operations	$ 644	$ (17,481)	$ (5,514)

Real Estate (Impairments) (Details) - USD ($) $ in Millions	12 Months Ended
Real Estate (Impairments) (Details) - USD ($) $ in Millions	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate [Abstract]
Impairment of Long-Lived Assets Held-for-use and Sale Carve Out	$ 14.4	$ 35.4	$ 22.4
Impairment of Long-Lived Assets to be Disposed of or Sold	$ 1.8	$ 22.6	$ 9.1

Real Estate (Future Minimum Operating Lease Payments) (Details) $ in Thousands	Dec. 31, 2013 USD ($)
Net Lease
Future minimum lease payments receivable under non-cancelable operating leases
2014	$ 132,996
2015	133,272
2016	131,738
2017	125,142
2018	123,464
Operating Properties
Future minimum lease payments receivable under non-cancelable operating leases
2014	53,283
2015	48,851
2016	46,476
2017	44,516
2018	$ 37,979

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate [Abstract]
Customer reimbursements	$ 31.8	$ 30.9	$ 29.4

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Valuation Allowances and Reserves, Deductions

$ 152,784

^[1],[2]

$ 203,865

$ 214,413

Total loans receivable, net

1,605,386

2,354,484

Reserves for loan losses

(377,204)

(524,499)

$ (646,624)

$ (814,625)

1,228,182

1,829,985

Other lending investments—securities

141,927

Total loans receivable and other lending investments, net(1)

^[3]

1,370,109

1,829,985

Interest receivable

6,500

9,800

Senior mortgages

1,071,662

1,751,256

Subordinate mortgages

Corporate/Partnership loans

60,679

152,737

Allowance for Loan Losses [Roll Forward]

$ 473,045

$ 450,491

[1]	See Note 3 to the Company's Consolidated Financial Statements.
[2]	See Note 5 to the Company's Consolidated Financial Statements.
[3]	The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Reserve for loan losses at beginning of period

$ 524,499

$ 646,624

$ 814,625

Reserve for loan losses at end of period

5,489

81,740

^[1]

46,412

^[1]

Charge-offs

(152,784)

^[2],[3]

(203,865)

(214,413)

377,204

524,499

646,624

Recoveries of previously recorded loan loss reserves

$ 63,100

$ 4,600

$ 23,600

[1]	For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively.
[2]	See Note 3 to the Company's Consolidated Financial Statements.
[3]	See Note 5 to the Company's Consolidated Financial Statements.

Loans Receivable and Other Lending Investments, net (Schedule of Investment in Loans) (Details) - USD ($)
$ in Thousands

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Loans

Individually Evaluated for Impairment(1)

^[1]

$ 752,425

$ 1,095,957

Collectively Evaluated for Impairment(2)

^[2]

849,613

1,210,077

Loans Acquired with Deteriorated Credit Quality(3)

^[3]

9,889

58,281

Individually Evaluated for Impairment(1)

1,611,927

2,364,315

As of December 31, 2012

^[1]

(348,004)

(472,058)

Collectively Evaluated for Impairment(2)

^[2]

(29,200)

(33,100)

Loans Acquired with Deteriorated Credit Quality(3)

^[3]

(19,341)

Individually Evaluated for Impairment(1)

(377,204)

(524,499)

$ (646,624)

$ (814,625)

Total

^[1]

404,421

623,899

Collectively Evaluated for Impairment(2)

^[2]

820,413

1,176,977

Loans Acquired with Deteriorated Credit Quality(3)

^[3]

9,889

38,940

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

1,234,723

1,839,816

500

4,000

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

4,600

3,800

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

400

100

Cumulative principal balances of loans acquired with deteriorated credit quality

$ 10,200

$ 58,800

[1]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.5 million and a net discount of $4.0 million as of December 31, 2013 and 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 $4.6 million and $3.8 million as of December 31, 2013 and 2012, respectively.
[3]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million and $0.1 million as of December 31, 2013 and 2012, respectively. These loans had cumulative principal balances of $10.2 million and $58.8 million, as of December 31, 2013 and 2012, respectively.

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 1,611,927	$ 2,364,315
Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	1,074,352
Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	61,364
Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	476,211
Real Estate Finance
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Performing Loans	$ 1,091,340	$ 1,385,063
Weighted Average Risk Ratings	3.11	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	$ 591,145	$ 840,593
Weighted Average Risk Ratings	2.50	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	$ 61,364	$ 99,698
Weighted Average Risk Ratings	3.37	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	$ 438,831	$ 444,772
Weighted Average Risk Ratings	3.88	3.69

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Recorded investment in loans, aged by payment status and presented by class
Current	$ 1,162,842
Less Than and Equal to 90 Days	0
Greater Than 90 Days	449,085
Total Past Due	449,085
Total	1,611,927	$ 2,364,315
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	625,267
Less Than and Equal to 90 Days	0
Greater Than 90 Days	449,085
Total Past Due	449,085
Total	1,074,352
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	61,364
Less Than and Equal to 90 Days	0
Greater Than 90 Days	0
Total Past Due	0
Total	61,364
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	476,211
Less Than and Equal to 90 Days	0
Greater Than 90 Days	0
Total Past Due	0
Total	$ 476,211

Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

^[1]

$ 752,425

$ 1,154,237

$ 752,425

$ 1,154,237

^[1]

747,522

1,153,431

747,522

1,153,431

Loans modified through troubled debt restructurings

^[1]

(348,004)

(491,399)

(348,004)

(491,399)

231,800

175,000

231,800

175,000

943,761

1,350,704

$ 2,013,239

17,618

7,102

39,998

Senior mortgages

^[1]

653,349

1,027,052

653,349

1,027,052

^[1]

648,455

1,026,346

648,455

1,026,346

^[1]

(304,544)

(442,760)

(304,544)

(442,760)

1,226,138

825,656

1,917,565

6,630

11,245

38,986

Subordinate mortgages

^[1]

53,979

^[1]

53,679

^[1]

(39,579)

52,208

32,382

19,477

Corporate/Partnership loans

^[1]

99,076

73,206

99,076

73,206

^[1]

99,067

73,406

99,067

73,406

^[1]

(43,460)

(9,060)

(43,460)

(9,060)

72,358

85,723

76,197

With no related allowance recorded

6,373

472

1,012

^[1]

3,012

118,187

3,012

118,187

^[1]

2,992

118,010

2,992

118,010

^[1]

39,471

172,203

319,189

15,319

2,925

32,479

^[1]

3,012

108,077

3,012

108,077

^[1]

2,992

107,850

2,992

107,850

^[1]

31,409

162,093

309,079

9,269

2,765

31,799

^[1]

10,110

^[1]

10,160

^[1]

8,062

10,110

With an allowance recorded

6,050

160

680

^[1]

749,413

1,036,050

749,413

1,036,050

^[1]

744,530

1,035,421

744,530

1,035,421

^[1]

(348,004)

(491,399)

(348,004)

(491,399)

904,290

1,178,501

1,694,050

With an allowance recorded | Senior mortgages

2,299

4,177

7,519

^[1]

650,337

918,975

650,337

918,975

^[1]

645,463

918,496

645,463

918,496

^[1]

(304,544)

(442,760)

(304,544)

(442,760)

794,247

1,064,045

1,608,486

With an allowance recorded | Subordinate mortgages

1,976

3,865

7,187

^[1]

53,979

^[1]

53,679

^[1]

(39,579)

32,382

52,208

19,477

With an allowance recorded | Corporate/Partnership loans

^[1]

99,076

63,096

99,076

63,096

^[1]

99,067

63,246

99,067

63,246

^[1]

(43,460)

(9,060)

(43,460)

(9,060)

$ 77,661

$ 62,248

66,087

323

312

332

Non-performing Loans

Impaired financing receivable, interest income, cash basis method

$ 13,300

$ 0

$ 26,300

[1]

All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of December 31, 2013 and 2012, certain loans modified through troubled debt restructurings with a recorded investment of $231.8 million and $175.0 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status.

Loans Receivable and Other Lending Investments, net (Troubled Debt Restructurings) (Details) - Senior mortgages $ in Thousands	3 Months Ended
	Dec. 31, 2013 USD ($) loans	Dec. 31, 2012 USD ($) loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans \| loans	6	8
Pre-Modification Outstanding Recorded Investment	$ 179,030	$ 319,667
Post-Modification Outstanding Recorded Investment	$ 154,278	$ 272,753

Loans Receivable and Other Lending Investments, net (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($) extension loans	Dec. 31, 2012 USD ($) loans	Dec. 31, 2011 USD ($)
Troubled debt restructurings
Carrying value of loans sold	$ 95,100	$ 53,900	$ 144,900
Realized investment gains (losses)	(600)	6,400	$ 0
Unfunded commitments, troubled debt restructurings	13,300
Unfunded commitments	$ 119,191
Performing senior mortgages
Troubled debt restructurings
Number of loans \| loans	2
Recorded investment of loans whose maturity was extended		64,100
Repayment of debt
Troubled debt restructurings
Recorded investment of loans whose maturity was extended	$ 15,400
Non-performing senior mortgages
Troubled debt restructurings
Recorded investment of loans whose maturity was extended	174,500	$ 255,600
Financing receivable modifications recorded investment of contracts whose maturity extended and reduced principal	$ 98,300
Modified loans \| loans		1
Non-performing first mortgage with recorded charge offs and rate reductions
Troubled debt restructurings
Financing receivable modifications recorded investment of contracts whose maturity extended and reduced principal		$ 181,500
Financing receivable modification charge offs		$ 45,500
Minimum \| Performing senior mortgages
Troubled debt restructurings
Trouble debt restructuring time period	1 year	1 year
Minimum \| Non-performing first mortgage with recorded charge offs and rate reductions
Troubled debt restructurings
Trouble debt restructuring time period		1 month
Maximum \| Performing senior mortgages
Troubled debt restructurings
Trouble debt restructuring time period	3 years	3 years
Maximum \| Non-performing first mortgage with recorded charge offs and rate reductions
Troubled debt restructurings
Trouble debt restructuring time period		7 months
One Year Payment Extension \| Performing senior mortgages
Troubled debt restructurings
Recorded investment of loans whose maturity was extended	$ 4,600
Trouble debt restructuring time period	1 year
Corporate Debt Securities
Troubled debt restructurings
Held-to-maturity securities, term	3 years
Held-to-maturity securities, number of term extensions \| extension	2
Held-to-maturity securities, term extension	12 months
Held-to-maturity securities	$ 140,890
Unfunded commitments	$ 6,200

Loans Receivable and Other Lending Investments, net (Troubled Debt Restructuring Subsequently Defaulted) (Details) - Senior mortgages troubled debt restructurings $ in Thousands	3 Months Ended
	Dec. 31, 2013 USD ($) loans	Dec. 31, 2012 USD ($) loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans \| loans	1	1
Outstanding Recorded Investment \| $	$ 26,693	$ 18,511

Loans Receivable and Other Lending Investments, net (Securities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Schedule of Debt Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 1,055
Available-for-sale Securities, Estimated Fair Value and Net Carrying Value	1,037
Held-to-Maturity Securities, Amortized Cost Basis	140,890
Held-to-Maturity Securities, Estimated Fair Value	140,890
Face Value	140,897
Amortized Cost Basis	141,945
Estimated Fair Value	141,927
Net Carrying Amount	141,927
Municipal Bonds
Schedule of Debt Securities [Line Items]
Available-for-sale Securities, Face Value	1,055
Available-for-sale Securities, Amortized Cost Basis	1,055
Available-for-sale Securities, Net Unrealized Gain (Loss)	(18)
Available-for-sale Securities, Estimated Fair Value and Net Carrying Value	1,037
Corporate Debt Securities
Schedule of Debt Securities [Line Items]
Held-to-Maturity Securities, Face Value	139,842
Held-to-Maturity Securities, Amortized Cost Basis	140,890
Held-to-Maturity Securities, Net Unrealized Gain (Loss)	0
Held-to-Maturity Securities, Estimated Fair Value	140,890
Held-to-maturity Securities	140,890
Debt Securities
Schedule of Debt Securities [Line Items]
Available-for-sale Securities, Net Unrealized Gain (Loss)	$ (18)

Loans Receivable and Other Lending Investments, net (Securities Maturities) (Details) $ in Thousands	Dec. 31, 2013 USD ($)
Receivables [Abstract]
Held-to-Maturity Securities, Amortized Cost Basis, Within one year	$ 0
Held-to-Maturity Securities, Amortized Cost Basis, After one year through 5 years	140,890
Held-to-Maturity Securities, Amortized Cost Basis, After 5 years through 10 years	0
Held-to-Maturity Securities, Amortized Cost Basis, After 10 years	0
Held-to-Maturity Securities, Amortized Cost Basis, Total	140,890
Held-to-Maturity Securities, Estimated Fair Value, Within one year	0
Held-to-Maturity Securities, Estimated Fair Value, After one year through 5 years	140,890
Held-to-Maturity Securities, Estimated Fair Value, After 5 years through 10 years	0
Held-to-Maturity Securities, Estimated Fair Value, After 10 years	0
Held-to-Maturity Securities, Estimated Fair Value, Total	140,890
Available-for-Sale Securities, Amortized Cost Basis, Within one year	0
Available-for-Sale Securities, Amortized Cost Basis, After one year through 5 years	0
Available-for-Sale Securities, Amortized Cost Basis, After 5 years through 10 years	0
Available-for-Sale Securities, Amortized Cost Basis, After 10 years	1,055
Available-for-Sale Securities, Amortized Cost Basis, Total	1,055
Available-for-Sale Securities, Estimated Fair Value	0
Available-for-Sale Securities, Estimated Fair Value, After one year through 5 years	0
Available-for-Sale Securities, Estimated Fair Value, After 5 years through 10 years	0
Available-for-Sale Securities, Estimated Fair Value, After 10 years	1,037
Available-for-Sale Securities, Estimated Fair Value, Total	$ 1,037

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

3 Months Ended

7 Months Ended

12 Months Ended

Mar. 31, 2012

Apr. 19, 2013

^[2],[3]

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

^[2]

Dec. 31, 2011

Sep. 30, 2011

^[2],[3]

Sep. 30, 2013

^[1],[2]

Schedule of Equity Method Investments [Line Items]

$ 197,307

$ 387,718

Other, carrying value

9,902

11,125

207,209

398,843

41,520

103,009

$ 95,091

Schedule of Equity Method Investments [Line Items]

205,773

$ 205,773

^[1]

$ 0

Schedule of Equity Method Investments [Line Items]

$ 45,375

16,465

60,669

$ 60,669

^[3]

53,861

$ 53,861

Madison Funds

67,782

56,547

Schedule of Equity Method Investments [Line Items]

$ 13,700

14,796

10,246

3,641

Oak Hill Funds

21,366

29,840

Real estate equity investments

4,174

5,844

1,918

Schedule of Equity Method Investments [Line Items]

62,205

47,619

Other equity method investments

2,753

21,636

(5,273)

Schedule of Equity Method Investments [Line Items]

^[4]

45,954

47,939

Schedule of Equity Method Investments [Line Items]

^[4]

$ 3,332

$ 4,614

40,944

Oak Hill Advisors

Included within earnings from equity method investments

$ 38,400

[1]	Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively.
[2]	The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively.
[3]	LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013.
[4]	For the year ended December 31, 2011, equity in earnings includes $38.4 million of earnings related to Oak Hill Advisors, L.P. and related entities that were sold in October 2011.

Other Investments (LNR Property Narrative) (Details) - LNR Property LLC (LNR) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Apr. 19, 2013

Jul. 31, 2010

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2013

Sep. 30, 2013

^[1]

Sep. 30, 2012

^[1]

Sep. 30, 2011

^[1]

Jul. 28, 2010

Schedule of Equity Method Investments [Line Items]

Percentage of ownership acquired by the Company and a group of investors

24.00%

^[1]

0.00%

24.00%

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

Real estate, net proceeds held in escrow for potential indemnification obligations

$ 220,300

$ 220,281

$ 0

$ 220,281

$ 25,200

[1]

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

3 Months Ended

7 Months Ended

12 Months Ended

Dec. 31, 2012

Apr. 19, 2013

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Dec. 31, 2011

Sep. 30, 2011

Sep. 30, 2013

^[2]

Jul. 28, 2010

Schedule of Equity Method Investments [Line Items]

$ 41,520

$ 103,009

$ 95,091

Schedule of Equity Method Investments [Line Items]

Total revenue(2)

^[1],[2]

$ 179,373

$ 332,902

$ 327,032

Income tax (expense) benefit(3)

^[2],[3]

(2,137)

(6,731)

76,558

Net income attributable to parent entities

^[2],[4]

$ 113,478

$ 253,039

$ 225,190

24.00%

^[2]

24.00%

^[2]

24.00%

^[2]

0.00%

24.00%

Noncurrent liabilities, Net of VIEs

$ 45,375

^[2],[5]

16,465

60,669

$ 60,669

^[2],[5]

53,861

$ 53,861

^[2],[5]

Assets, Net of VIEs

1,380,000

398,900

Liabilities, Net of VIEs

517,100

Equity Method Investment, Summarized Financial Information, Other Loss

$ 66,200

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

Schedule of Equity Method Investments [Line Items]

Total VIE trust assets

97,520,000

Total VIE trust liabilities

97,210,000

Servicing fee revenue

$ 55,500

$ 95,400

$ 119,000

Equity method investments excluding LNR

Schedule of Equity Method Investments [Line Items]

Total revenue(2)

284,513

401,870

198,340

Net income attributable to parent entities

$ 206,198

$ 304,960

$ 97,066

[1]	LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. As of September 30, 2012, the assets of these trusts, which aggregated $97.52 billion, were the sole source of repayment of the related liabilities, which aggregated $97.21 billion and are non-recourse to LNR and its equity holders, including the Company. Excluding the amounts related to VIEs, as of September 30, 2012, total assets were $1.38 billion , total debt was $398.9 million, and total liabilities were $517.1 million. In addition, total revenue presented above includes $55.5 million, $95.4 million, and $119.0 million for the period from October 1, 2012 to April 19, 2013 and for the years ended September 30, 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.
[2]	The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively.
[3]	During the year ended December 31, 2011, LNR recorded an income tax benefit from the settlement of certain tax liabilities.
[4]	Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR as described above.
[5]	LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013.

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

Dec. 31, 2013

Sep. 30, 2013

Apr. 19, 2013

^[2]

Dec. 31, 2012

Sep. 30, 2012

Sep. 30, 2011

^[2]

Jul. 28, 2010

Schedule of Equity Method Investments [Line Items]

$ 197,307

$ 387,718

Schedule of Equity Method Investments [Line Items]

Total assets(2)

^[1],[2]

$ 0

$ 98,513,452

Total debt(2)

^[1],[2]

97,521,520

Total liabilities(2)

^[1],[2]

97,639,696

Noncontrolling interests

^[2]

8,067

Total equity

^[2]

$ 0

$ 865,689

0.00%

^[2]

24.00%

^[2]

24.00%

Equity method investments excluding LNR

$ 0

^[2],[3]

205,773

$ 205,773

^[2],[3]

Schedule of Equity Method Investments [Line Items]

Total assets(2)

2,980,737

2,758,889

Total liabilities(2)

303,100

170,997

Noncontrolling interests

333

2,253

Total equity

$ 2,677,304

$ 2,585,639

[1]	LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. As of September 30, 2012, the assets of these trusts, which aggregated $97.52 billion, were the sole source of repayment of the related liabilities, which aggregated $97.21 billion and are non-recourse to LNR and its equity holders, including the Company. Excluding the amounts related to VIEs, as of September 30, 2012, total assets were $1.38 billion , total debt was $398.9 million, and total liabilities were $517.1 million. In addition, total revenue presented above includes $55.5 million, $95.4 million, and $119.0 million for the period from October 1, 2012 to April 19, 2013 and for the years ended September 30, 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.
[2]	The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively.
[3]	Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively.

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

7 Months Ended

12 Months Ended

Apr. 19, 2013

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Dec. 31, 2011

Sep. 30, 2011

Sep. 30, 2013

^[1]

Jul. 28, 2010

Schedule of Equity Method Investments [Line Items]

Distributions from operations of equity method investments

$ 17,252

$ 105,586

$ 85,766

Schedule of Equity Method Investments [Line Items]

Operating cash flows

^[1]

$ (127,075)

$ (85,909)

$ 170,703

Cash flows from investing activities

^[1]

(36,543)

(55,686)

45,488

Cash flows from financing activities

^[1]

217,241

229,634

(123,506)

Net cash flows

^[1]

53,623

88,039

92,685

Cash distributions

^[1]

$ 0

$ 61,179

$ 73,916

Distributions from operations of equity method investments

24.00%

^[1]

24.00%

^[1]

24.00%

^[1]

0.00%

24.00%

^[1]

$ 0

$ 14,690

$ 17,722

[1]

Other Investments (LNR Property) (Details) - LNR Property LLC (LNR) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Apr. 19, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2013

Schedule of Investment in Equity Method Investments [Roll Forward]

Carrying value of LNR at beginning of period

$ 220,281

$ 205,773

$ 0

$ 205,773

Equity in earnings of LNR for the period(1)

^[1]

45,375

Balance before other than temporary impairment

220,281

251,148

Other than temporary impairment(1)

^[1]

(30,867)

Carrying value of LNR at end of period

$ (220,300)

(220,281)

$ 0

$ 220,281

$ 0

[1]	$66.2 million

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

1 Months Ended

3 Months Ended

6 Months Ended

7 Months Ended

12 Months Ended

Apr. 19, 2013

Oct. 31, 2011

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2013

Apr. 19, 2013

^[1]

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

^[1]

Dec. 31, 2011

Sep. 30, 2011

^[1]

Sep. 30, 2013

^[1]

Jul. 28, 2010

Schedule of Equity Method Investments [Line Items]

$ 197,307

$ 387,718

41,520

103,009

$ 95,091

Schedule of Equity Method Investments [Line Items]

Income (loss) from equity method investments, release of AOCI

1,700

Income (loss) from equity method investments, net of OTTI

16,500

24.00%

^[1]

24.00%

0.00%

24.00%

205,773

$ 205,773

^[2]

$ 0

^[2]

$ 45,375

^[3]

16,465

60,669

$ 60,669

^[3]

53,861

$ 53,861

^[3]

Madison International Real Estate Fund IILP

$ 220,300

$ 220,281

$ 0

$ 220,281

Schedule of Equity Method Investments [Line Items]

Madison International Real Estate Fund IIILP

29.52%

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Method Investments [Line Items]

32.92%

Madison GP1 Investors LP

Schedule of Equity Method Investments [Line Items]

29.52%

Oak Hill Funds Group 2

Real estate equity investments

5.92%

Schedule of Equity Method Investments [Line Items]

$ 62,205

47,619

Schedule of Equity Method Investments [Line Items]

2,753

21,636

(5,273)

Oak Hill Advisors

Net gain from sale of ownership interest

$ 183,700

$ 30,300

Schedule of Equity Method Investments [Line Items]

Property sold, aggregate, carrying value

$ 14,800

72,100

$ 9,500

Land | Real estate equity investments

Schedule of Equity Method Investments [Line Items]

Property sold, aggregate, carrying value

47.50%

$ 21,400

Equity method investment, carryover basis

$ 10,600

Equity method investment, distribution

6,600

Land | Real estate equity investment 75.6%

$ 5,500

Schedule of Equity Method Investments [Line Items]

75.60%

Land | Real estate equity investment 50.0%

$ 18,000

Schedule of Equity Method Investments [Line Items]

50.00%

Land | Other real estate equity investments

$ 3,500

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Method Investments [Line Items]

2,700

5,500

Net Lease

Property sold, aggregate, carrying value

18,700

Net Lease | Other real estate equity investments

Schedule of Equity Method Investments [Line Items]

Operating Properties | Real estate equity investments

$ 16,400

16,400

Schedule of Equity Method Investments [Line Items]

33.00%

Operating Properties | Other real estate equity investments

$ 4,700

26,000

Schedule of Equity Method Investments [Line Items]

Minimum | Other real estate equity investments

$ 16,000

$ 25,700

Schedule of Equity Method Investments [Line Items]

Maximum | Other real estate equity investments

31.00%

Schedule of Equity Method Investments [Line Items]

70.00%

[1]	The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively.
[2]	Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively.
[3]	LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013.

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

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Finite-Lived Intangible Assets, Accumulated Amortization

$ 38,100

$ 51,500

Amortization of Above Market Lease

7,000

5,800

$ 2,700

Amortization of Intangible Assets

8,200

7,000

$ 7,700

Intangible assets, net(1)

^[1]

100,652

69,134

Other receivables

34,655

11,517

Deferred financing fees, net(2)

^[2]

33,591

26,629

Leasing costs, net(3)

^[3]

21,799

20,205

Corporate furniture, fixtures and equipment, net(4)

^[4]

6,557

7,537

Other assets

40,726

28,102

Deferred expenses and other assets, net

237,980

163,124

Accumulated amortization of deferred financing fees

9,900

4,100

Accumulated amortization on leasing costs

7,100

6,600

Accumulated depreciation on corporate furniture, fixtures and equipment

$ 6,200

[1]	Accumulated amortization on intangible assets was $38.1 million and $51.5 million as of December 31, 2013 and 2012, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by $7.0 million, $5.8 million and $2.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The total amortization expense for intangible assets was $8.2 million, $7.0 million and $7.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are included in “Depreciation and amortization” on the Company's Consolidated Statements of Operations.
[2]	Accumulated amortization on deferred financing fees was $9.9 million and $4.1 million as of December 31, 2013 and 2012, respectively.
[3]	Accumulated amortization on leasing costs was $7.1 million and $6.6 million as of December 31, 2013 and 2012, respectively.
[4]	Accumulated depreciation on corporate furniture, fixtures and equipment was $6.2 million and $6.2 million as of December 31, 2013 and 2012, respectively.

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

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Intangible liabilities, net(1)

Accrued expenses

$ 58,840

$ 50,467

Accrued interest payable

40,015

29,521

^[1]

26,223

9,210

Other liabilities

45,753

52,472

Accounts payable, accrued expenses and other liabilities

170,831

141,670

Below market lease, accumulated amortization

4,600

2,200

Amortization of below market lease

$ 2,800

$ 1,400

$ 600

[1]

Accumulated amortization on intangible liabilities was $4.6 million and $2.2 million as of December 31, 2013 and 2012, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by $2.8 million, $1.4 million and $0.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.

Other Assets and Other Liabilities (Intangible Assets and Liabilities) (Details) $ in Thousands	Dec. 31, 2013 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2014	$ 10,530
2015	7,886
2016	7,122
2017	6,145
2018	$ 4,295

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

12 Months Ended

Dec. 31, 2013

Nov. 13, 2013

May 31, 2013

Dec. 31, 2012

Total long-term debt obligations, net

$ 4,196,589

$ 4,745,807

Debt discounts, net

(38,464)

(54,313)

4,158,125

4,691,494

2012 Tranche A-1 Facility

^[1]

$ 0

169,164

^[1]

4.00%

2012 Tranche A-2 Facility

^[1]

LIBOR

^[1]

$ 431,475

470,000

^[1]

5.75%

^[1]

LIBOR

October 2012 Secured Credit Facility

7.00%

^[2]

$ 0

1,754,466

^[2]

4.50%

February 2013 Secured Credit Facility

^[2]

LIBOR

^[3]

$ 1,379,407

^[2]

3.50%

^[2]

LIBOR

Term loans collateralized by net lease assets

4.50%

Stated interest rate, minimum

^[4]

$ 278,817

264,432

4.851%

Stated interest rate, maximum

7.26%

Total secured credit facilities and term loans

Unsecured Notes 8.625% senior notes

$ 2,089,699

2,658,062

$ 0

$ 96,801

Unsecured Notes 5.95% senior notes

8.625%

$ 0

$ 448,453

Unsecured Notes 5.70% senior notes

5.95%

$ 0

200,601

Unsecured Notes 6.05% senior notes

5.70%

$ 105,765

105,765

Unsecured Notes 5.875% senior notes

6.05%

$ 261,403

261,403

Unsecured Notes 3.875% senior notes

5.875%

$ 265,000

Senior Convertible 3.0% notes

3.875%

^[5]

$ 200,000

200,000

Convertible debt conversion ratio

^[5]

3.00%

0.085

Senior Convertible 1.50% notes

^[6]

$ 200,000

Convertible debt conversion ratio

1.50%

^[6]

1.50%

0.0578

Unsecured Notes 5.85% senior notes

$ 99,722

99,722

Unsecured Notes 9.0% senior notes

5.85%

$ 275,000

275,000

Unsecured Notes 7.125% senior notes

9.00%

$ 300,000

300,000

Unsecured Notes 4.875% senior notes

7.125%

$ 300,000

4.875%

Unsecured Notes

Other debt obligations due in October, 2035

$ 2,006,890

1,987,745

$ 100,000

1.50%

Minimum | 2012 Tranche A-2 Facility

LIBOR

Minimum | London Interbank Offered Rate (LIBOR) | 2012 Tranche A-1 Facility

1.25%

Minimum | London Interbank Offered Rate (LIBOR) | October 2012 Secured Credit Facility

1.25%

Minimum | London Interbank Offered Rate (LIBOR) | February 2013 Secured Credit Facility

1.25%

Property One | London Interbank Offered Rate (LIBOR) | Term loans collateralized by net lease assets

1.00%

Property Two | London Interbank Offered Rate (LIBOR) | Term loans collateralized by net lease assets

2.00%

2.75%

[1]	These loans each have a LIBOR floor of 1.25%. As of December 31, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.
[2]	This loan has a LIBOR floor of 1.25%.
[3]	This loan has a LIBOR floor of 1.00%. As of December 31, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.
[4]	Includes a loan with a floating rate of LIBOR plus 2.00% and a loan with a floating rate of LIBOR plus 2.75%.
[5]	The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016.
[6]	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016.

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
2014	$ 21,657
2015	105,765
2016	926,403
2017	2,185,604
2018	617,052
Thereafter	340,108
Total principal maturities	4,196,589	$ 4,745,807
Unamortized debt discounts, net	(38,464)	(54,313)
Total long-term debt obligations, net	4,158,125	$ 4,691,494
Unsecured Debt
Debt Instrument [Line Items]
2014	0
2015	105,765
2016	926,403
2017	374,722
2018	600,000
Thereafter	100,000
Total principal maturities	2,106,890
Unamortized debt discounts, net	(11,081)
Total long-term debt obligations, net	2,095,809
Secured Debt
Debt Instrument [Line Items]
2014	21,657
2015	0
2016	0
2017	1,810,882
2018	17,052
Thereafter	240,108
Total principal maturities	2,089,699
Unamortized debt discounts, net	(27,383)
Total long-term debt obligations, net	$ 2,062,316

Debt Obligations, net (Secured Credit Facility Narrative) (Details)

1 Months Ended

12 Months Ended

Mar. 31, 2012

USD ($)

tranches

Mar. 31, 2011

USD ($)

tranches

Dec. 31, 2013

USD ($)

property

Dec. 31, 2012

USD ($)

property

Dec. 31, 2011

USD ($)

Dec. 31, 2010

property

Feb. 11, 2013

USD ($)

Oct. 31, 2012

USD ($)

Oct. 15, 2012

USD ($)

Sep. 30, 2012

USD ($)

$ 1,984,102,000

$ 4,608,133,000

$ 4,464,254,000

4,196,589,000

4,745,807,000

33,190,000

37,816,000

(101,466,000)

Secured Term Loans 5.3% and 8.2% due January 2013

1,444,565,000

3,498,794,000

$ 3,037,825,000

$ 53,300,000

February 2013 Secured Credit Facility

500,000

Debt instrument, covenant, minimum collateral coverage, one

$ 1,706,980,000

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%

Debt instrument, lender fees, amount

17,100,000

Debt instrument, capitalized lender fees

14,400,000

Debt instrument, lender fees, amount recorded as a loss on early extinguishment of debt

2,700,000

Debt instrument, third party fees

3,800,000

Debt instrument, third party fees, amount recognized

3,600,000

Debt instrument, third party fees, amount capitalized

$ 200,000

Percentage of REIT taxable income permitted for distribution under debt covenants

100.00%

Line of credit facility, maximum amount of real estate asset distributions to stockholders

$ 200,000,000

327,600,000

^[1]

1,379,407,000

$ 7,000,000

^[2]

3.50%

Debt instrument, unamortized discounts and financing fees

4.50%

$ 25,600,000

October 2012 Secured Credit Facility

Debt instrument, third party fees

$ 1,820,000,000

14,800,000

Debt instrument, third party fees, amount recognized

8,100,000

Debt instrument, third party fees, amount capitalized

6,600,000

$ 113,000,000

^[2]

1,754,466,000

$ 800,000

1,200,000

Debt instrument, unamortized discounts and financing fees

^[2]

4.50%

$ 30,500,000

2012 Tranche A-1 Facility

$ 38,500,000

^[3]

169,164,000

$ 4,400,000

8,100,000

Minimum aggregate cumulative amortization payment

^[3]

4.00%

$ 41,000,000

$ 410,000,000

Secured 2011 Tranche A-2 Facility Due 2014

98.00%

Periods following the initial payment of amortization that additional amortization payments are due

6 months

$ 1,450,000,000

2012 Tranche A-2 Facility

98.50%

^[3]

$ 431,475,000

470,000,000

$ 1,000,000

^[3]

5.75%

7.00%

$ 470,000,000

2012 Secured Credit Facilities

98.50%

Number of tranches | tranches

$ 880,000,000

Unsecured Notes LIBOR plus 0.50% senior convertible notes

$ 606,700,000

$ 460,700,000

Unsecured Line of credit due June 2012

5.50%

Unsecured Notes 5.50% senior notes

$ 244,000,000

2011 Secured Credit Facilities

$ 90,300,000

Number of tranches | tranches

$ 2,950,000,000

2011 Secured Credit Facilities | Prior to Refinancing of Debt

$ 1,070,000,000

2011 Secured Credit Facilities | Refinancing of Debt

4,500,000

$ 12,000,000

Debt instrument, unamortized discounts and financing fees

12,100,000

$ 21,200,000

Debt instrument, deferred expense due to modification

$ 9,000,000

Secured 2011 Tranche A-1 Facility Due 2013

$ 1,500,000,000

Minimum | February 2013 Secured Credit Facility

99.00%

Debt instrument, covenant, minimum collateral coverage, two

137.50%

Minimum | 2012 Tranche A-2 Facility

Minimum | Secured 2011 Tranche A-1 Facility Due 2013

1.25%

Maximum | February 2013 Secured Credit Facility

1.25%

Debt instrument, covenant, minimum collateral coverage, two

150.00%

Lenders from Original Credit Facility Not Participating in New Credit Facility

London Interbank Offered Rate (LIBOR) | Minimum | February 2013 Secured Credit Facility

$ 4,900,000

London Interbank Offered Rate (LIBOR) | Minimum | October 2012 Secured Credit Facility

1.00%

London Interbank Offered Rate (LIBOR) | Minimum | 2012 Tranche A-1 Facility

1.25%

1.25%

Net Lease Asset

Net Lease Asset | Portfolio Lease Asset Sale

[1]	This loan has a LIBOR floor of 1.00%. As of December 31, 2013, inclusive of the floor, the February 2013 Secured Credit Facility incurred interest at a rate of 4.50%.
[2]	This loan has a LIBOR floor of 1.25%.
[3]	These loans each have a LIBOR floor of 1.25%. As of December 31, 2013, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.

Debt Obligations, net (Secured and Unsecured Notes) (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Nov. 30, 2013

USD ($)

May 31, 2013

USD ($)

Sep. 30, 2012

USD ($)

loans

May 31, 2012

Mar. 31, 2012

USD ($)

Dec. 31, 2012

USD ($)

Dec. 31, 2013

USD ($)

property

Dec. 31, 2012

USD ($)

property

Dec. 31, 2011

USD ($)

Dec. 31, 2010

property

Nov. 13, 2013

USD ($)

Sep. 30, 2013

USD ($)

Nov. 30, 2012

USD ($)

Oct. 31, 2012

USD ($)

Jan. 02, 2011

Number of loans refinanced | loans

$ 1,984,102,000

$ 4,608,133,000

$ 4,464,254,000

Secured Term Loan LIBOR Plus 2.00% due 2019

$ 33,190,000

37,816,000

(101,466,000)

$ 28,000,000

LIBOR

Unsecured Notes 5.50% senior notes

2.00%

Unsecured Notes LIBOR plus 0.50% senior convertible notes

$ 90,300,000

$ 606,700,000

$ 460,700,000

Senior unsecured notes with various maturities ranging from March 2012 to October 2014

5.50%

$ 420,400,000

Unsecured Notes 5.15% senior notes

(3,200,000)

169,700,000

Secured Term Loans 5.3% and 8.2% due January 2013

5.15%

$ 53,300,000

Secured Term Loan 5.3% due January 2013

$ 500,000

Secured Term Loan 8.2% Due January 2013

5.30%

Secured Term Loan 4.85% due October 2022

8.20%

$ 54,500,000

Secured Term Loan LIBOR plus 4.50% due 2014

4.851%

50,800,000

LIBOR

Unsecured Credit Facilities

4.50%

243,700,000

LIBOR

0.85%

Secured Notes 10.0% senior notes due 2014

$ 200,000

10.00%

312,300,000

Senior Convertible 1.50% notes

$ (109,000,000)

$ 200,000,000

Unsecured Notes 5.70% senior notes

1.50%

^[1]

1.50%

5.70%

$ 200,600,000

Unsecured Notes 3.875% senior notes

$ 2,800,000

$ 265,000,000

Unsecured Notes 4.875% senior notes

3.875%

$ 300,000,000

Unsecured Notes 8.625% senior notes

4.875%

8.625%

$ 96,800,000

Unsecured Notes 5.95% senior notes

$ (31,000,000)

5.95%

$ 448,500,000

Unsecured Notes 7.125% senior notes

$ 9,500,000

$ 300,000,000

Senior Convertible 3.0% notes

7.125%

^[2]

200,000,000

Unsecured Notes 6.5% Senior Notes

^[2]

3.00%

^[2]

6.50%

Unsecured Notes 8.625% Senior Notes

$ 67,100,000

^[2]

8.625%

$ 404,900,000

Unsecured Notes

Unsecured Notes 9.0% senior notes

Prepayment penalty

$ 14,900,000

$ 275,000,000

Percentage of issue price to principal amount

9.00%

98.012%

Refinanced Secured Term Loan Originally Due March 2011

LIBOR

4.50%

Net Lease Asset

Portfolio Lease Asset Sale | Net Lease Asset

[1]	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at any time prior to the close of business on November 14, 2016.
[2]	The Company's 3.0% senior convertible fixed rate notes due November 2016 ("3.0% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.0% Convertible Notes, at any time prior to the close of business on November 14, 2016.

Debt Obligations, net (Debt Covenants) (Details)	12 Months Ended
Debt Obligations, net (Debt Covenants) (Details)	Dec. 31, 2013 USD ($)
Unsecured Credit Facilities
Debt Instrument [Line Items]
Minimum ratio of unencumbered assets to unsecured indebtedness	1.2
Total secured credit facilities and term loans
Debt Instrument [Line Items]
Multiple of the minimum collateral coverage on outstanding borrowings	1.25
Percentage of REIT taxable income permitted for distribution under debt covenants	100.00%
Aggregate equity value permitted to be distributed	$ 200,000,000

Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) - USD ($)
$ in Thousands

Dec. 31, 2013

Dec. 31, 2012

$ 2,796,181

$ 2,739,099

360,517

635,865

Loans receivable, net(1)

^[1]

1,370,109

1,829,985

207,209

398,843

907,995

556,207

Financing receivable, allowance for credit losses, collectively evaluated for impairment

5,642,011

6,159,999

^[2]

29,200

33,100

Encumbered Assets

1,644,463

1,640,005

152,604

263,842

Loans receivable, net(1)

^[3]

860,557

1,197,403

24,093

43,545

2,681,717

3,144,795

Unencumbered Assets

1,151,718

1,099,094

207,913

372,023

Loans receivable, net(1)

^[3]

538,752

665,682

183,116

355,298

907,995

556,207

Derivative Instruments and Hedging Activities Disclosure [Abstract]

$ 2,989,494

$ 3,048,304

[1]	The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
[2]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.6 million and $3.8 million as of December 31, 2013 and 2012, respectively.
[3]	As of December 31, 2013 and 2012, the amounts presented exclude general reserves for loan losses of $29.2 million and $33.1 million, respectively.

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	Dec. 31, 2013 USD ($)
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	$ 72,600
Discretionary Fundings	0
Other	46,591
Total	119,191
Loans and Other Lending Investments
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	19,436
Discretionary Fundings	0
Other	0
Total	19,436
Real Estate
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	53,164
Discretionary Fundings	0
Other	0
Total	53,164
Strategic Investments
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	0
Discretionary Fundings	0
Other	46,591
Total	$ 46,591

Commitments and Contingencies (Future Minimum Lease Obligations) (Details) $ in Thousands	Dec. 31, 2013 USD ($)
Future minimum lease obligations under non-cancelable operating leases
2014	$ 5,797
2015	5,287
2016	5,408
2017	5,023
2018	4,179
Thereafter	$ 11,709

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Commitments and Contingencies Disclosure [Abstract]
Percentage of capital committed to strategic investments that may be drawn down	100.00%
Total operating lease expense	$ 6.1	$ 6.5	$ 7.2
Letters of credit issued	$ 3.7
Legal settlement payment		$ 2.0

Risk Management and Derivatives (Risk Concentrations, Property Type) (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2013

USD ($)

risk_component

Dec. 31, 2012

USD ($)

Number of components of economic risk | risk_component

Real Estate Investment Property, Accumulated Depreciation

$ 424,453

$ 378,306

Financing receivable, allowance for credit losses, collectively evaluated for impairment

^[1]

$ 29,200

$ 33,100

21.60%

Office

15.20%

Industrial / R&D

13.50%

Entertainment / Leisure

10.70%

[1]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.6 million and $3.8 million as of December 31, 2013 and 2012, respectively.

Risk Management and Derivatives (Risk Concentrations, Geography) (Details) - USD ($)
$ in Thousands

Dec. 31, 2013

Dec. 31, 2012

Real Estate Investment Property, Accumulated Depreciation

$ 424,453

$ 378,306

Financing receivable, allowance for credit losses, collectively evaluated for impairment

^[1]

$ 29,200

$ 33,100

[1]	The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.6 million and $3.8 million as of December 31, 2013 and 2012, respectively.

Risk Management and Derivatives (Risk Concentrations, Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($) borrower
California
Concentration Risk [Line Items]
% of Total	15.10%
Geographic Concentration Risk
Concentration Risk [Line Items]
% of Total	10.00%
Customer Concentration Risk
Concentration Risk [Line Items]
Number of large borrowers or tenants \| borrower	5
Aggregate annualized interest and operating lease revenue \| $	$ 99.8
Percent of aggregate annualized interest and operating lease revenue	8.00%
Land
Concentration Risk [Line Items]
% of Total	21.60%
Office
Concentration Risk [Line Items]
% of Total	15.20%
Industrial / R&D
Concentration Risk [Line Items]
% of Total	13.50%
Entertainment / Leisure
Concentration Risk [Line Items]
% of Total	10.70%

Risk Management and Derivatives (Classification on the Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	$ 11,175	$ 0
Derivative Liabilities, Fair Value	1,653	3,435
Foreign exchange contracts
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	1,418	0
Derivative Liabilities, Fair Value	1,653	2,855
Interest rate swap
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	650	0
Derivative Liabilities, Fair Value	0	580
Interest rate cap
Derivative financial instruments on consolidated balance sheets
Derivative Assets, Fair Value	9,107	0
Derivative Liabilities, Fair Value	$ 0	$ 0

Risk Management and Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative financial instruments on consolidated statements of operations
Foreign currency transaction gain (loss)	$ (2,000)	$ (700)	$ (2,300)
Other Expense \| Foreign exchange contracts \| Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	393
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	0
Other Expense \| Foreign exchange contracts \| Not designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain or (Loss) Recognized in Income	880	(8,920)	17,406
Interest Expense \| Interest rate cap \| Designated as hedge
Derivative financial instruments on consolidated statements of operations
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	(1,517)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	0
Interest Expense \| 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)	869	(968)	(1,553)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	$ 310	$ (44)	$ (180)

Risk Management and Derivatives (Notional Amounts) (Details) € in Thousands, дин in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2013 CAD ($)	Dec. 31, 2013 EUR (€)	Dec. 31, 2013 GBP (£)	Dec. 31, 2013 RSD (дин)	Dec. 31, 2013 USD ($)
Sells INR/Buys USD Forward
Derivative [Line Items]
Notional Amount				дин 456,000	$ 7,379
Sells EUR/Buys USD Forward
Derivative [Line Items]
Notional Amount		€ 80,500			110,696
Maturity	Jan. 03, 2014
Sells GBP/Buys USD Forward
Derivative [Line Items]
Notional Amount			£ 3,800		6,295
Maturity	Jan. 03, 2014
Sells CAD/Buys USD Forward
Derivative [Line Items]
Notional Amount	$ 41,500				39,036
Maturity	Jan. 03, 2014
Interest rate cap
Derivative [Line Items]
Notional Amount					$ 500,000
Derivative, Cap Interest Rate	1.00%	1.00%	1.00%	1.00%	1.00%
Interest rate swap
Derivative [Line Items]
Notional Amount					$ 27,958
Maturity	Nov. 01, 2019
Variable Rate	2.00%	2.00%	2.00%	2.00%	2.00%
Fixed Rate	3.47%	3.47%	3.47%	3.47%	3.47%

Risk Management and Derivatives (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Interest Rate Swap
Derivative [Line Items]
Notional Amount	$ 27,958
Interest Rate Cap and Interest Rate Swap
Derivative [Line Items]
Expense related to qualifying cash flow hedges expected to be reclassified to earnings over the next 12 months	(400)
Terminated Interest Rate Swap
Derivative [Line Items]
Expense related to qualifying cash flow hedges expected to be reclassified to earnings over the next 12 months	400
Forward Contracts
Derivative [Line Items]
Collateral Already Posted, Aggregate Fair Value	$ 7,200	$ 9,600

Equity (Preferred Stock) (Details) - USD ($)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2013

Equity [Abstract]

Common Stock, shares authorized

200,000,000

Common Stock, par value (in dollars per share)

$ 0.001

Preferred Stock, shares authorized

30,000,000.0

Common Stock, shares issued

144,334,000

142,699,000

Common Stock, shares outstanding

83,717,000

83,782,000

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

25,800,000

21,800,000

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

Maximum

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

30 days

Minimum

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

10 days

Series D

4,000,000

$ 0.001

$ 25

^[1],[2]

$ 25.00

^[1],[2]

8.00%

$ 2.00

^[1],[2]

$ 2.00

$ 8,000,000

Series E

5,600,000

$ 0.001

$ 25

^[1],[2]

$ 25.00

^[1],[2]

7.875%

$ 1.97

^[1],[2]

$ 1.97

$ 11,000,000

Series F

4,000,000

$ 0.001

$ 25

^[1],[2]

$ 25.00

^[1],[2]

7.80%

$ 1.95

^[1],[2]

$ 1.95

$ 7,800,000

Series G

3,200,000

$ 0.001

$ 25

^[1],[2]

$ 25.00

^[1],[2]

7.65%

$ 1.91

^[1],[2]

$ 1.91

$ 6,100,000

Series I

5,000,000

$ 0.001

$ 25

^[1],[2]

$ 25.00

^[1],[2]

7.50%

$ 1.88

^[1],[2]

$ 1.88

$ 9,400,000

Series J Preferred Stock

4,000,000

$ 0.001

$ 50

^[1],[2]

$ 0

^[1],[2]

4.50%

^[1],[2]

$ 2.25

Preferred stock, value, public offering shares issued

$ 6,700,000

$ 200,000,000.0

Convertible preferred stock, shares issued upon conversion

3.9087

Convertible preferred stock, conversion price (in dollars per share)

$ 12.79

Preferred stock, liquidation redemption price, percent of liquidation preference

100.00%

[1]

[2]

Equity (High Performance Unit Program) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($) plan shares
HPU
Stock Performance Award Program [Line Items]
Number of votes per share	0.25
High Performance Unit Program
Stock Performance Award Program [Line Items]
Initial purchase price of high performance units \| $	$ 9.8
Number of plans which did not meet the required performance thresholds \| plan	4
High Performance Unit Program \| Employee
Stock Performance Award Program [Line Items]
Number of plans which have exceeded performance thresholds \| plan	3
High Performance Unit Program 2002 Plan \| Employee \| HPU
Stock Performance Award Program [Line Items]
Number of shares of entity's common stock used as the basis for determining amount of distributions to be paid	819,254
Number of shares outstanding (in shares)	5,000
High Performance Unit Program 2003 Plan \| Employee \| HPU
Stock Performance Award Program [Line Items]
Number of shares of entity's common stock used as the basis for determining amount of distributions to be paid	987,149
Number of shares outstanding (in shares)	5,000
High Performance Unit Program 2004 Plan \| Employee \| HPU
Stock Performance Award Program [Line Items]
Number of shares of entity's common stock used as the basis for determining amount of distributions to be paid	1,031,875
Number of shares outstanding (in shares)	5,000

Equity (Dividends) (Details) - USD ($) $ in Millions	12 Months Ended
Equity (Dividends) (Details) - USD ($) $ in Millions	Dec. 31, 2013	Dec. 31, 2012
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		$ 634.2

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended		12 Months Ended
	Sep. 30, 2013	May 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Stock Repurchase Program
Repurchase of common stock, authorized amount	$ 50,000,000	$ 20,000,000
Available repurchase of common stock, authorized amount	$ 16,000,000		$ 29,000,000
Number of common stock shares repurchased			1.7	0.8
Amount of common stock shares repurchased			$ 21,000,000	$ 4,600,000
Average cost of shares repurchased (in dollars per share)			$ 12.35	$ 5.69

Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
Unrealized gains (losses) on available-for-sale securities	$ (294)	$ 867
Unrealized gains on cash flow hedges	662	607
Unrealized losses on cumulative translation adjustment	(4,644)	(2,659)
Accumulated other comprehensive income (loss)	$ (4,276)	$ (1,185)

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

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 + Details

Stock-Based Compensation Plans and Employee Benefits (Long-term Incentive Plan) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 19,261	$ 15,293	$ 29,702
Unrecognized compensation cost	$ 4,300
Weighted-average period to recognize the unrecognized compensation cost	4 months 2 days
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent	$ 5,200
Long-term Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be awarded	8,000,000
Maximum additional number of shares that can be awarded provided that previously granted shares under the 1996 Plan either expire, are cancelled or forfeited	500,000
Long-term Incentive Plan 2006
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be awarded	4,550,000
Number of shares available for grant designated as incentive stock options	1,000,000
Long-term Incentive Plan 2006 and 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance	4,000,000

Stock-Based Compensation Plans and Employee Benefits (Restricted Stock Units Activity) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($) $ / shares shares	Dec. 31, 2012 USD ($)
Number of Shares
Vested (in shares)	(1,678,961)
Restricted stock units
Number of Shares
Non-vested, beginning balance (in shares)	5,276,000
Granted (in shares)	795,000
Vested (in shares)	(3,271,000)
Forfeited (in shares)	(21,000)
Non-vested, ending balance (in shares)	2,779,000
Weighted Average Grant Date Fair Value Per Share
Non-vested, beginning balance, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 5.24
Granted, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	11.88
Vested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	6.33
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	4.94
Non-vested, ending balance, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 5.85
Aggregate Intrinsic Value \| $	$ 39,659	$ 43,000
Employees \| Restricted stock units
Number of Shares
Vested (in shares)	(3,271,272)
Employees \| Restricted Stock Units Amended Units Vesting on January 1, 2013
Number of Shares
Vested (in shares)	(1,719,304)

Stock-Based Compensation Plans and Employee Benefits (Restricted Stock Units Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 31, 2013	Feb. 28, 2013	Sep. 30, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				1,678,961
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock units vested				$ 31.6	$ 29.1	$ 15.5
Vested (in shares)				3,271,000
Granted (in shares)				795,000
Non-vested, outstanding (in shares)	2,779,000			2,779,000	5,276,000
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%
Performance based restricted stock units vesting on December 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	195,547			195,547
Employees \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				3,271,272
Employees \| 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
Employees \| Service based restricted stock units vesting on February 11, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		185,720
Employees \| Annual incentive restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	195,588	164,685
Employees \| Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	195,588			195,588
Employees \| Service based restricted stock units with specified vesting dates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	90,666			90,666
Company's chairman and chief executive officer \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				600,000
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]
Non-vested, outstanding (in shares)	600,000			600,000
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]
Non-vested, outstanding (in shares)	1,696,053			1,696,053
Percentage of original units granted equal to amended units			75.00%
Risk-free interest rate				0.092%
Expected stock price volatility				57.75%
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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term				1 year
Minimum \| 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
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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	196,902			196,902
Vesting term				3 years

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - CSE and restricted stock units $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($) $ / shares shares
Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	33,474
Grant date fair value (in dollars per share) \| $ / shares	$ 12.30
Vesting term	1 year
Non-vested, outstanding (in shares)	367,134
Aggregate intrinsic value for directors \| $	$ 5.2
Former director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for settlement (in shares)	51,091

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Service requirement	3 months
Employer matching contribution, percent of match	50.00%
Employer matching contribution, percent of employee contribution	10.00%
Gross contributions made by the Company	$ 0.9	$ 0.9	$ 0.9

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

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

^[2]

Sep. 30, 2012

^[2]

Jun. 30, 2012

^[2]

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Income (loss) from continuing operations

^[1]

$ (220,768)

$ (314,678)

$ (51,010)

Net (income) loss attributable to noncontrolling interests

(718)

1,500

3,629

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

$ 27,900

86,658

63,472

5,721

Preferred dividends

(49,020)

(42,320)

(183,848)

(292,026)

(83,980)

Numerator for basic and diluted earnings per share:

22,233

27,257

25,110

Denominator for basic and diluted earnings per share:

$ (155,769)

$ (272,997)

$ (62,387)

Weighted average number of common shares—basic and diluted

84,617

85,392

85,125

84,824

83,674

83,629

84,113

83,556

^[2]

84,990

^[1]

83,742

^[1]

88,688

^[1]

Weighted average number of HPU shares—basic and diluted

^[2]

^[1],[3]

Basic and 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]

$ (2.09)

$ (3.37)

$ (0.91)

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

$ (0.68)

$ (0.36)

$ (0.31)

$ (0.49)

$ (1.04)

$ (0.86)

$ (0.70)

$ (0.66)

^[2]

$ (1.83)

^[1]

$ (3.26)

^[1]

$ (0.70)

^[1]

Common shares

Numerator for basic and diluted earnings per share:

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

$ (177,907)

$ (282,452)

$ (81,375)

Income (loss) from discontinued operations

623

(16,908)

(5,343)

21,515

26,363

24,331

Denominator for basic and diluted earnings per share:

$ (155,769)

$ (272,997)

$ (62,387)

Weighted average number of common shares—basic and diluted

84,990

83,742

88,688

Basic and diluted earnings per common share:

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

$ (2.09)

$ (3.37)

$ (0.91)

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

0.01

(0.20)

(0.06)

Gain from discontinued operations (in dollars per share)

0.25

0.31

0.27

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

$ (1.83)

$ (3.26)

$ (0.70)

HPU's

Numerator for basic and diluted earnings per share:

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

$ (5,941)

$ (9,574)

$ (2,605)

Income (loss) from discontinued operations

(573)

(171)

718

894

779

Denominator for basic and diluted earnings per share:

$ (5,202)

$ (9,253)

$ (1,997)

Weighted average number of HPU shares—basic and diluted

Basic and diluted earnings per common share:

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

$ (396.07)

$ (638.27)

$ (173.66)

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

1.40

(38.20)

(11.40)

Gain from discontinued operations (in dollars per share)

47.87

59.60

51.93

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

$ (346.80)

$ (616.87)

$ (133.13)

[1]	Income (loss) from continuing operations attributable to iStar Financial Inc. for the years ended December 31, 2013, 2012 and 2011 was $(221.5) million, $(313.2) million and $(47.4) million, respectively. See Note 13 for details on the calculation of earnings per share.
[2]	All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations.(2)During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share.
[3]	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 (Anti-dilutive Shares) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Joint venture shares
Anti-dilutive shares
Anti-dilutive shares	298	298	298
Stock options
Anti-dilutive shares
Anti-dilutive shares	0	0	44
3.00% convertible senior unsecured notes
Anti-dilutive shares
Anti-dilutive shares	16,992	0	0
Series J convertible perpetual preferred stock
Anti-dilutive shares
Anti-dilutive shares	15,635	0	0
1.50% convertible senior unsecured notes
Anti-dilutive shares
Anti-dilutive shares	11,567	0	0

Fair Values (Schedule of Fair Value Measurement) (Details)
$ in Thousands

Dec. 31, 2013

USD ($)

real_estate_asset

Dec. 31, 2012

USD ($)

Recurring basis | Total

$ 11,175

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

1,653

$ 3,435

Recurring basis | Significant other observable inputs (Level 2)

11,175

Recurring basis | Significant unobservable inputs (Level 3)

1,653

3,435

Non-recurring basis

Non-recurring basis | Total

^[1]

35,680

115,423

^[2]

57,201

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

31,597

^[2]

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

^[1]

^[2]

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

5,744

^[1]

7,649

115,423

^[2]

57,201

Real Estate | Non-recurring basis

29,936

^[1]

$ 23,948

Number of impaired real estate assets | real_estate_asset

$ 29,900

[1]

The Company recorded the fair value of two impaired real estate assets with a total fair value of $29.9 million based on a discount rate of 13.0%, average annual rent growth of 4.0% and remaining inventory sell out period with a range of 3.5 to 4.6 years using discounted cash flows.

[2]

Fair Values (Schedule of Fair Value Measurement Assumptions) (Details) - Non-recurring basis
$ in Thousands

12 Months Ended

Dec. 31, 2013

USD ($)

Quantitative information about Level 3 fair value measures

Impaired real estate

$ 35,680

^[1]

Loans and Other Lending Investments | Discounted Cash Flow

Quantitative information about Level 3 fair value measures

Impaired loans

$ 55,500

Fair Value Inputs, Interest Rate

4.70%

Fair value assumptions, expected term

2 years 7 months 6 days

Loans and Other Lending Investments | Executed Letter of Intent

Quantitative information about Level 3 fair value measures

Impaired loans

$ 53,600

Loans and Other Lending Investments | Executed Settlement Agreement

Quantitative information about Level 3 fair value measures

Impaired loans

6,300

Real Estate

Quantitative information about Level 3 fair value measures

Impaired real estate

$ 29,900

Real Estate | Discounted Cash Flow

Quantitative information about Level 3 fair value measures

Discount rate

13.00%

Fair value inputs, long-term revenue growth rate

4.00%

Minimum | Real Estate | Discounted Cash Flow

Quantitative information about Level 3 fair value measures

Remaining inventory sell out period

3 years 6 months

Maximum | Real Estate | Discounted Cash Flow

Quantitative information about Level 3 fair value measures

Remaining inventory sell out period

4 years 7 months 6 days

[1]	The Company recorded the fair value of two impaired real estate assets with a total fair value of $29.9 million based on a discount rate of 13.0%, average annual rent growth of 4.0% and remaining inventory sell out period with a range of 3.5 to 4.6 years using discounted cash flows.

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

Dec. 31, 2013

Dec. 31, 2012

Financial assets:

Loans receivable and other lending investments, net

^[1]

$ 1,370,109

$ 1,829,985

Financial liabilities:

Loans receivable and other lending investments, net

4,158,125

$ 4,691,494

Book Value

Financial assets:

1,900,000

Financial liabilities:

Loans receivable and other lending investments, net

4,900,000

Fair Value

Financial assets:

1,400,000

Financial liabilities:

$ 4,500,000

[1]	The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.

Segment Reporting (Schedule of Segments) (Details) - USD ($)
$ in Thousands

3 Months Ended

7 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

^[1]

Mar. 31, 2013

^[1]

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

^[1],[2]

Mar. 31, 2012

Apr. 19, 2013

^[8],[9]

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

^[9]

Dec. 31, 2011

Sep. 30, 2011

^[8],[9]

$ 234,567

$ 216,291

$ 195,872

108,015

133,410

226,871

48,208

47,838

39,722

$ 101,073

^[1]

$ 95,696

^[1]

$ 99,919

$ 94,102

$ 96,421

^[1],[2]

$ 93,462

^[1],[2]

$ 106,886

$ 100,770

^[1],[2]

390,790

397,539

462,465

41,520

103,009

95,091

Net operating income from discontinued operations(2)

$ 27,900

86,658

63,472

5,721

2,735

8,175

13,198

22,233

27,257

25,110

543,936

599,452

601,585

(157,441)

(151,458)

(138,714)

(8,050)

(17,266)

(11,070)

^[3]

(266,225)

(356,161)

(345,914)

^[4]

(72,853)

(65,563)

(75,337)

^[5]

39,367

9,004

30,550

5,489

81,740

^[6]

46,412

^[6]

Loss on transfer of interest to unconsolidated subsidiary

^[3]

14,353

36,354

22,386

7,373

^[3]

71,530

70,786

63,928

111,553

83,070

64,169

3,220,634

3,117,405

3,220,634

3,117,405

(424,453)

(378,306)

(424,453)

(378,306)

2,796,181

2,739,099

2,796,181

2,739,099

360,517

635,865

360,517

635,865

Loans receivable and other lending investments, net

3,156,698

3,374,964

3,156,698

3,374,964

^[7]

1,370,109

1,829,985

1,370,109

1,829,985

207,209

398,843

207,209

398,843

4,734,016

5,603,792

4,734,016

5,603,792

907,995

556,207

907,995

556,207

5,642,011

6,159,999

5,642,011

6,159,999

Stock-based compensation expense

197,307

387,718

197,307

387,718

19,261

15,293

29,702

$ 45,375

16,465

60,669

$ 60,669

^[8]

53,861

$ 53,861

Operating Segments | Real Estate Finance

$ 0

^[9],[10]

205,773

$ 205,773

^[9],[10]

205,773

$ 205,773

^[10]

^[11]

108,015

133,410

^[11]

226,871

^[11]

4,748

8,613

^[11]

3,176

^[11]

112,763

142,023

^[11]

230,047

^[11]

^[11]

Net operating income from discontinued operations(2)

^[11]

^[11]

^[11]

112,763

142,023

^[11]

230,047

^[11]

^[11]

(1,625)

(4,775)

^[11]

(2,866)

^[11]

^[3]

(74,377)

(111,898)

^[11]

(156,163)

^[11]

^[4]

(13,186)

(14,263)

^[11]

(19,934)

^[11]

^[5]

23,575

11,087

^[11]

51,084

^[11]

5,489

81,740

^[11]

46,412

^[11]

Loss on transfer of interest to unconsolidated subsidiary

^[3]

^[11]

^[3]

^[11]

^[11]

Loans receivable and other lending investments, net

1,370,109

1,829,985

1,370,109

1,829,985

Operating Segments | Net Lease

1,370,109

1,829,985

1,370,109

1,829,985

147,313

149,058

^[11]

144,548

^[11]

^[11]

250

^[11]

147,563

149,058

^[11]

144,548

^[11]

2,699

2,632

^[11]

2,566

^[11]

Net operating income from discontinued operations(2)

^[11]

1,484

7,289

^[11]

14,135

^[11]

3,395

27,257

^[11]

25,110

^[11]

155,141

186,236

^[11]

186,359

^[11]

(22,565)

(23,886)

^[11]

(25,054)

^[11]

^[11]

^[3]

(80,034)

(92,579)

^[11]

(75,844)

^[11]

^[4]

(14,330)

(10,618)

^[11]

(9,681)

^[11]

^[5]

38,212

59,153

^[11]

75,780

^[11]

^[11]

Loss on transfer of interest to unconsolidated subsidiary

^[3]

1,176

6,670

^[11]

668

^[11]

^[3]

38,582

39,250

^[11]

42,080

^[11]

34,076

10,994

^[11]

8,699

^[11]

1,696,888

1,626,810

1,696,888

1,626,810

(338,640)

(310,605)

(338,640)

(310,605)

1,358,248

1,316,205

1,358,248

1,316,205

Loans receivable and other lending investments, net

1,358,248

1,316,205

1,358,248

1,316,205

16,408

16,380

16,408

16,380

Operating Segments | Operating Properties

1,374,656

1,332,585

1,374,656

1,332,585

86,352

65,706

^[11]

51,153

^[11]

^[11]

38,164

32,615

^[11]

32,538

^[11]

124,516

98,321

^[11]

83,691

^[11]

5,546

25,142

^[11]

(626)

^[11]

Net operating income from discontinued operations(2)

82,603

63,472

^[11]

5,721

^[11]

1,251

886

^[11]

(937)

^[11]

18,838

^[11]

232,754

187,821

^[11]

87,849

^[11]

(101,044)

(100,258)

^[11]

(92,012)

^[11]

^[11]

^[3]

(49,114)

(69,259)

^[11]

(52,774)

^[11]

^[4]

(9,189)

(7,572)

^[11]

(6,737)

^[11]

^[5]

73,407

10,732

^[11]

(63,674)

^[11]

^[11]

Loss on transfer of interest to unconsolidated subsidiary

^[3]

12,449

28,501

^[11]

21,030

^[11]

^[3]

30,599

28,450

^[11]

18,169

^[11]

41,131

51,579

^[11]

38,477

^[11]

720,508

704,481

720,508

704,481

(82,420)

(65,409)

(82,420)

(65,409)

638,088

639,072

638,088

639,072

228,328

454,587

228,328

454,587

Loans receivable and other lending investments, net

866,416

1,093,659

866,416

1,093,659

16,032

25,745

16,032

25,745

Operating Segments | Land

882,448

1,119,404

882,448

1,119,404

902

1,527

^[11]

171

^[11]

^[11]

1,474

2,635

^[11]

1,637

^[11]

2,376

4,162

^[11]

1,808

^[11]

(5,331)

(6,138)

^[11]

(7,213)

^[11]

Net operating income from discontinued operations(2)

4,055

^[11]

^[11]

^[11]

1,100

(1,976)

^[11]

(5,405)

^[11]

(33,832)

(27,314)

^[11]

(21,648)

^[11]

^[11]

^[3]

(30,368)

(44,125)

^[11]

(40,480)

^[11]

^[4]

(12,365)

(7,405)

^[11]

(6,959)

^[11]

^[5]

(75,465)

(80,820)

^[11]

(74,492)

^[11]

^[11]

Loss on transfer of interest to unconsolidated subsidiary

^[3]

728

205

^[11]

(184)

^[11]

(7,373)

^[3]

1,105

1,276

^[11]

1,534

^[11]

36,346

20,497

^[11]

16,993

^[11]

803,238

786,114

803,238

786,114

(3,393)

(2,292)

(3,393)

(2,292)

799,845

783,822

799,845

783,822

132,189

181,278

132,189

181,278

Loans receivable and other lending investments, net

932,034

965,100

932,034

965,100

29,765

5,493

29,765

5,493

961,799

970,593

961,799

970,593

Corporate, Non-Segment

^[12]

^[11]

^[12]

^[11]

^[12]

3,572

3,975

^[11]

2,371

^[11]

^[12]

3,572

3,975

^[11]

2,371

^[11]

^[12]

38,606

81,373

^[11]

100,364

^[11]

Net operating income from discontinued operations(2)

^[12]

^[11]

^[12]

^[11]

^[12]

^[11]

^[12]

42,178

85,348

^[11]

102,735

^[11]

^[12]

^[11]

^[12]

(6,425)

(12,491)

^[11]

(8,204)

^[11]

^[3]

(32,332)

^[12]

(38,300)

^[11],[12]

(20,653)

^[11]

^[4]

(23,783)

^[12]

(25,705)

^[11],[12]

(32,026)

^[11]

^[5]

(20,362)

^[12]

8,852

^[11]

41,852

^[11]

^[12]

^[11]

Loss on transfer of interest to unconsolidated subsidiary

^[3],[12]

978

^[11]

872

^[11]

^[3],[12]

1,244

1,810

^[11]

2,145

^[11]

^[12]

^[11]

$ 0

^[11]

^[12]

^[12]

^[12]

^[12]

Loans receivable and other lending investments, net

^[12]

^[12]

^[12]

145,004

351,225

145,004

351,225

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

^[12]

$ 145,004

$ 351,225

$ 145,004

$ 351,225

[1]	During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share.
[2]	All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations.(2)During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share.
[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 $19.3 million, $15.3 million and $29.7 million for the years ended December 31, 2013, 2012 and 2011, respectively.
[5]	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Years Ended December 31, 2013 2012 2011Segment profit (loss)$39,367 $9,004 $30,550Less: Provision for loan losses(5,489) (81,740) (46,412)Less: Impairment of assets(2)(14,353) (36,354) (22,386)Less: Loss on transfer of interest to unconsolidated subsidiary(7,373) — —Less: Stock-based compensation expense(19,261) (15,293) (29,702)Less: Depreciation and amortization(2)(71,530) (70,786) (63,928)Less: Income tax (expense) benefit(2)596 (8,445) 4,719Add: Gain (loss) on early extinguishment of debt, net(33,190) (37,816) 101,466Net income (loss)$(111,233) $(241,430) $(25,693)
[6]	For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively.
[7]	The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
[8]	LNR reported a net loss for the period from April 1, 2013 to April 19, 2013 which had already been considered in the Company's other than temporary impairment assessment. As such, no equity in earnings was recorded during the quarter ended September 30, 2013. The total equity in earnings recognized for LNR was $45.4 million for the year ended December 31, 2013.
[9]	The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag, therefore, amounts in the Company's financial statements for the year ended December 31, 2013 are based on balances and results from LNR for the period from October 1, 2012 to April 19, 2013. The amounts in the Company's financial statements for the year ended December 31, 2012 and 2011 are based on balances and results from LNR for the years ended September 30, 2012 and 2011, respectively.
[10]	Represents the Company's investment in LNR at December 31, 2013 and 2012, respectively.
[11]	The prior periods' presentation have been conformed for the change in the methodology of allocating interest expense and general and administrative expenses to each segment based on gross carrying value of assets. The allocation was previously based on carrying value of assets net of accumulated depreciation and amortization and general loan loss reserves.
[12]	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 $205.8 million as of December 31, 2012 and the Company's share of equity in earnings from LNR of $16.5 million, $60.7 million and $53.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. See Note 6 for further details on the Company's investment in LNR and summarized financial information of LNR.

Segment Reporting (Reconciliation of Segment Profit (Loss)) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

^[4]

Sep. 30, 2012

^[4]

Jun. 30, 2012

^[4]

Mar. 31, 2012

^[4]

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Segment profit (loss)

^[1]

$ 39,367

$ 9,004

$ 30,550

Less: Provision for loan losses

(5,489)

(81,740)

^[2]

(46,412)

^[2]

Less: Impairment of assets(2)

^[3]

(14,353)

(36,354)

(22,386)

Less: Loss on transfer of interest to unconsolidated subsidiary

(7,373)

Less: Stock-based compensation expense

(19,261)

(15,293)

(29,702)

Less: Depreciation and amortization(2)

^[3]

(71,530)

(70,786)

(63,928)

Less: Income tax (expense) benefit(2)

^[3]

596

(8,445)

4,719

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

(33,190)

(37,816)

101,466

Quarterly Financial Information Disclosure [Abstract]

$ (45,992)

$ (18,590)

$ (14,398)

$ (32,253)

$ (79,948)

$ (64,306)

$ (51,129)

$ (46,048)

$ (111,233)

$ (241,430)

$ (25,693)

[1]	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Years Ended December 31, 2013 2012 2011Segment profit (loss)$39,367 $9,004 $30,550Less: Provision for loan losses(5,489) (81,740) (46,412)Less: Impairment of assets(2)(14,353) (36,354) (22,386)Less: Loss on transfer of interest to unconsolidated subsidiary(7,373) — —Less: Stock-based compensation expense(19,261) (15,293) (29,702)Less: Depreciation and amortization(2)(71,530) (70,786) (63,928)Less: Income tax (expense) benefit(2)596 (8,445) 4,719Add: Gain (loss) on early extinguishment of debt, net(33,190) (37,816) 101,466Net income (loss)$(111,233) $(241,430) $(25,693)
[2]	For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively.
[3]	Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.
[4]	All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations.(2)During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share.

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

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

^[2]

Jun. 30, 2012

^[2]

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

May 31, 2013

Revenue(1)

$ 101,073

^[1]

$ 95,696

^[1]

$ 99,919

^[1]

$ 94,102

^[1]

$ 96,421

^[1],[2]

$ 93,462

^[1]

$ 106,886

^[1]

$ 100,770

^[1],[2]

$ 390,790

$ 397,539

$ 462,465

Net income (loss) attributable to iStar Financial Inc.

(45,992)

(18,590)

(14,398)

(32,253)

(79,948)

^[2]

(64,306)

(51,129)

(46,048)

^[2]

(111,233)

(241,430)

(25,693)

Earnings per common share data:

$ (47,043)

$ (18,757)

$ (14,087)

$ (32,064)

$ (79,810)

^[2]

$ (63,640)

$ (50,407)

$ (46,073)

^[2]

$ (111,951)

$ (239,930)

$ (22,064)

Weighted average number of common shares—basic and diluted

$ (0.68)

$ (0.36)

$ (0.31)

$ (0.49)

$ (1.04)

^[2]

$ (0.86)

$ (0.70)

$ (0.66)

^[2]

$ (1.83)

^[3]

$ (3.26)

^[3]

$ (0.70)

^[3]

84,617

85,392

85,125

84,824

83,674

^[2]

83,629

84,113

83,556

^[2]

84,990

^[3]

83,742

^[3]

88,688

^[3]

Earnings per HPU share data:

Net income (loss) attributable to iStar Financial Inc.

$ (1,939)

$ (1,016)

$ (866)

$ (1,381)

$ (2,966)

^[2]

$ (2,436)

$ (1,991)

$ (1,861)

^[2]

Weighted average number of HPU shares—basic and diluted

$ (129.26)

$ (67.73)

$ (57.74)

$ (92.07)

$ (197.73)

^[2]

$ (162.40)

$ (132.73)

$ (124.07)

^[2]

$ (346.80)

^[3],[4]

$ (616.87)

^[3],[4]

$ (133.13)

^[3],[4]

^[2]

^[3],[4]

Quarterly Financial Information [Line Items]

$ (33,190)

$ (37,816)

$ 101,466

$ 27,900

86,658

63,472

5,721

Unsecured Notes 8.625% senior notes

$ 41,520

$ 103,009

95,091

Quarterly Financial Information [Line Items]

$ 31,000

Quarterly Financial Information [Line Items]

8.625%

Madison Funds

Valuation and Qualifying Accounts Disclosure [Line Items]

$ 13,700

$ 14,796

$ 10,246

$ 3,641

[1]	During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share.
[2]	All periods have been adjusted to reflect the impact of properties sold during 2013 and 2012 and properties classified as held for sale as of December 31, 2013, which are reflected in "Income (loss) from discontinued operations on the Consolidated Statements of Operations.(2)During the quarter ended December 31, 2012, the Company recorded a loss on early extinguishment of debt of $31.0 million primarily related to a prepayment penalty on the early repayment of 8.625% Senior Notes, as well as a loss due to the acceleration of unamortized fees and discounts related to the refinancing of the 2011 Secured Credit Facilities (see Note 8). The Company also recorded $27.9 million related to Income from sales of residential property. During the quarter ended March 31, 2012, the Madison Funds recorded a significant gain related to the sale of an investment for which the Company recorded its $13.7 million proportionate share.
[3]	Income (loss) from continuing operations attributable to iStar Financial Inc. for the years ended December 31, 2013, 2012 and 2011 was $(221.5) million, $(313.2) million and $(47.4) million, respectively. See Note 13 for details on the calculation of earnings per share.
[4]	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).

Subsequent Events (Details) - Net Lease Asset - USD ($)	1 Months Ended	12 Months Ended
Subsequent Events (Details) - Net Lease Asset - USD ($)	Feb. 28, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Asset Acquisition, Purchase Price		$ 93,600,000
Subsequent Event
Subsequent Event [Line Items]
Partners' Capital Account, Contributions	$ 500,000,000
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	52.00%
Maximum \| Subsequent Event
Subsequent Event [Line Items]
Total Venture Investments	$ 1,250,000,000.00

Schedule II-Valuation and Qualifying Accounts and Reserves (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ 5,489

$ 81,740

^[1]

$ 46,412

^[1]

570,975

701,181

845,922

1,277

73,835

28,736

19,855

(176)

40,936

(152,784)

(203,865)

(214,413)

Allowance for Loan Losses Write-Offs

439,323

570,975

701,181

(152,784)

^[2],[3]

(203,865)

(214,413)

Reserve for loan losses

Valuation and Qualifying Accounts Disclosure [Line Items]

^[2],[3]

5,489

^[2],[3]

524,499

646,624

814,625

^[2],[3]

81,740

46,412

^[2],[3]

^[2],[3]

(203,865)

(214,413)

Allowance for Loan Losses Write-Offs

^[2],[3]

377,204

524,499

646,624

(152,784)

Allowance for doubtful accounts

Valuation and Qualifying Accounts Disclosure [Line Items]

^[2]

5,596

3,668

1,376

^[2]

261

1,928

2,292

^[2]

^[2]

Allowance for deferred tax assets

^[2]

5,857

5,596

3,668

Valuation and Qualifying Accounts Disclosure [Line Items]

^[2]

40,880

50,889

29,921

^[2]

(4,473)

(9,833)

(19,968)

^[2]

19,855

(176)

40,936

^[2]

Real Estate and Accumulated Depreciation [Line Items]

^[2]

$ 56,262

$ 40,880

$ 50,889

[1]	For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively.
[2]	See Note 3 to the Company's Consolidated Financial Statements.
[3]	See Note 5 to the Company's Consolidated Financial Statements.

Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

$ 281,429

1,603,209

2,230,043

^[1]

(244,180)

1,464,930

2,124,142

3,589,072

^[2],[3]

3,589,072

^[2],[3]

$ 3,763,310

$ 3,927,750

$ 3,672,966

Properties pledged as collateral book value

432,374

^[2]

432,374

^[2]

$ 388,346

$ 356,810

$ 327,682

1,430,000

Aggregate cost for Federal income tax purposes

3,860,000

OFFICE FACILITIES:

Real Estate and Accumulated Depreciation [Line Items]

137,764

84,780

660,618

^[1]

40,942

85,787

700,553

786,340

Real Estate and Accumulated Depreciation [Line Items]

166,370

INDUSTRIAL FACILITIES:

143,665

129,760

379,480

^[1]

77,022

128,687

457,575

586,262

Real Estate and Accumulated Depreciation [Line Items]

103,372

LAND:

920,025

7,980

^[1]

6,103

921,431

12,677

934,108

Real Estate and Accumulated Depreciation [Line Items]

3,683

ENTERTAINMENT:

133,448

253,122

^[1]

88,867

133,431

342,006

475,437

Real Estate and Accumulated Depreciation [Line Items]

77,763

RETAIL:

60,136

154,415

^[1]

34,009

58,219

190,341

248,560

Real Estate and Accumulated Depreciation [Line Items]

18,680

HOTEL:

47,039

175,803

^[1]

4,746

47,039

180,549

227,588

Real Estate and Accumulated Depreciation [Line Items]

55,539

APARTMENT/RESIDENTIAL:

199,040

519,320

^[1]

(512,162)

61,506

144,692

206,198

Real Estate and Accumulated Depreciation [Line Items]

MIXED USE:

28,981

79,305

^[1]

16,293

28,830

95,749

124,579

Real Estate Asses Held-for-Sale [Member]

6,967

Arizona MAZ 002 [Member] | MIXED USE:

7,900

Real Estate and Accumulated Depreciation [Line Items]

^[4]

^[4]

10,182

^[4]

52,544

^[1],[4]

17,269

^[4]

10,031

^[4]

69,965

^[4]

79,995

^[4]

$ 5,035

5,035

Arizona OAZ006 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

10,780

^[4]

36,336

^[1],[4]

(958)

^[4]

10,780

^[4]

35,378

^[4]

46,158

^[4]

4,159

$ 4,159

Arizona OAZ 002 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,033

^[4]

6,652

^[1],[4]

951

^[4]

1,033

^[4]

7,603

^[4]

8,636

^[4]

2,518

$ 2,518

Arizona OAZ 003 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,033

^[4]

6,652

^[1],[4]

205

^[4]

1,033

^[4]

6,857

^[4]

7,890

^[4]

2,417

$ 2,417

Arizona OAZ 004 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,033

^[4]

6,652

^[1],[4]

197

^[4]

1,033

^[4]

6,849

^[4]

7,882

^[4]

2,385

$ 2,385

Arizona OAZ 005 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

701

^[4]

4,339

^[1],[4]

^[4]

701

^[4]

4,339

^[4]

5,040

^[4]

1,537

$ 1,537

California OCA 002 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

4,139

5,064

^[1]

1,596

4,139

6,660

10,799

1,946

$ 1,946

Colorado OCO 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,757

^[4]

16,930

^[1],[4]

5,506

^[4]

1,757

^[4]

22,436

^[4]

24,193

^[4]

7,838

$ 7,838

Colorado OCO 002 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

5,787

$ 5,787

^[4]

^[4]

16,752

^[1],[4]

^[4]

^[4]

16,800

^[4]

16,800

^[4]

4,935

$ 4,935

Florida OFL 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,517

^[4]

14,484

^[1],[4]

2,518

^[4]

2,517

^[4]

17,002

^[4]

19,519

^[4]

1,554

$ 1,554

Georgia OGA 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

905

^[4]

6,744

^[1],[4]

^[4]

905

^[4]

6,834

^[4]

7,739

^[4]

2,776

$ 2,776

Georgia OGA 002 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

5,709

^[4]

49,091

^[1],[4]

22,033

^[4]

5,709

^[4]

71,124

^[4]

76,833

^[4]

22,710

$ 22,710

Illinois OIL 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

21,657

$ 21,657

6,153

14,993

^[1]

14,370

6,153

29,363

35,516

$ 98

Maryland OMD001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

12,894

$ 12,894

^[4]

1,800

^[4]

18,706

^[1],[4]

790

^[4]

1,800

^[4]

19,496

^[4]

21,296

^[4]

5,532

$ 5,532

Massachusetts OMA 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

13,421

$ 13,421

^[4]

1,600

^[4]

21,947

^[1],[4]

276

^[4]

1,600

^[4]

22,223

^[4]

23,823

^[4]

6,548

$ 6,548

Michigan OMI 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

5,374

137,956

^[1]

(2,541)

5,374

135,415

140,789

21,108

$ 21,108

New Jersey ONJ 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

53,514

$ 53,514

7,726

74,429

^[1]

7,724

74,441

82,165

20,586

$ 20,586

New Jersey ONJ 002 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

12,141

$ 12,141

^[4]

1,008

^[4]

13,763

^[1],[4]

(81)

^[4]

1,008

^[4]

13,682

^[4]

14,690

^[4]

3,383

$ 3,383

New Jersey ONJ 003 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

18,350

$ 18,350

^[4]

2,456

^[4]

28,955

^[1],[4]

505

^[4]

2,456

^[4]

29,460

^[4]

31,916

^[4]

7,224

$ 7,224

Pennsylvania OPA 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

690

^[4]

26,098

^[1],[4]

(49)

^[4]

690

^[4]

26,049

^[4]

26,739

^[4]

8,005

$ 8,005

Tennessee OTN 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

2,702

25,129

^[1]

(17,064)

2,702

8,065

10,767

7,878

$ 7,878

Texas OTX 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,364

^[4]

10,628

^[1],[4]

5,644

^[4]

2,373

^[4]

15,263

^[4]

17,636

^[4]

5,034

$ 5,034

Texas OTX 002 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,233

^[4]

15,160

^[1],[4]

158

^[4]

1,233

^[4]

15,318

^[4]

16,551

^[4]

5,095

$ 5,095

Texas OTX 003 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,932

^[4]

31,235

^[1],[4]

12,403

^[4]

2,932

^[4]

43,638

^[4]

46,570

^[4]

14,363

$ 14,363

Texas OTX 004 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,230

^[4]

5,660

^[1],[4]

482

^[4]

1,230

^[4]

6,142

^[4]

7,372

^[4]

2,143

$ 2,143

Virginia OVA 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

17,030

52,349

^[1]

17,030

52,349

69,379

$ 25

Wisconsin OWI 001 [Member] | OFFICE FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

1,875

13,914

^[1]

(6,147)

1,875

7,767

9,642

4,573

$ 4,573

Arizona IAZ 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,519

^[4]

7,481

^[1],[4]

1,023

^[4]

2,519

^[4]

8,504

^[4]

11,023

^[4]

1,093

$ 1,093

Arizona IAZ 002 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

3,279

^[4]

5,221

^[1],[4]

1,267

^[4]

3,279

^[4]

6,488

^[4]

9,767

^[4]

839

$ 839

Arizona IAZ 002 [Member] | LAND:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

13,170

^[4]

5,144

^[1],[4]

^[4]

13,170

^[4]

5,208

^[4]

18,378

^[4]

343

$ 343

California ICA 001 [Member] | INDUSTRIAL FACILITIES:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

18,031

$ 18,031

^[4]

11,635

^[4]

19,515

^[1],[4]

5,943

^[4]

11,635

^[4]

25,458

^[4]

37,093

^[4]

3,860

$ 3,860

California ICA 005 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

654

^[4]

4,591

^[1],[4]

2,044

^[4]

654

^[4]

6,635

^[4]

7,289

^[4]

2,338

$ 2,338

California ICA 006 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,086

^[4]

7,964

^[1],[4]

2,876

^[4]

1,086

^[4]

10,840

^[4]

11,926

^[4]

4,063

$ 4,063

California ICA 007 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

4,880

^[4]

12,367

^[1],[4]

3,550

^[4]

4,880

^[4]

15,917

^[4]

20,797

^[4]

5,170

$ 5,170

California ICA 008 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

6,857

^[4]

8,378

^[1],[4]

1,643

^[4]

6,856

^[4]

10,022

^[4]

16,878

^[4]

2,976

$ 2,976

California ICA 009 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

4,095

^[4]

8,323

^[1],[4]

1,411

^[4]

4,095

^[4]

9,734

^[4]

13,829

^[4]

3,256

$ 3,256

California ICA 010 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

5,051

6,170

^[1]

2,013

5,051

8,183

13,234

2,135

$ 2,135

California ICA 012 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

3,044

^[4]

3,716

^[1],[4]

3,002

^[4]

3,044

^[4]

6,718

^[4]

9,762

^[4]

1,928

$ 1,928

California ICA 013 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,633

^[4]

3,219

^[1],[4]

290

^[4]

2,633

^[4]

3,509

^[4]

6,142

^[4]

1,150

$ 1,150

California ICA 014 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

4,600

5,627

^[1]

2,497

4,600

8,124

12,724

2,212

$ 2,212

California ICA 015 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

5,617

6,877

^[1]

5,501

5,619

12,376

17,995

5,867

$ 5,867

California ICA 016 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

27,958

$ 27,958

15,708

27,987

^[1]

8,665

15,708

36,652

52,360

14,970

$ 14,970

California ICA 017 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

808

^[4]

8,306

^[1],[4]

588

^[4]

808

^[4]

8,894

^[4]

9,702

^[4]

3,014

$ 3,014

Colorado ICO 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

832

1,379

^[1]

832

1,379

2,211

254

$ 254

Florida IFL 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

322

323

^[1]

322

387

709

$ 71

Florida IFL 002 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

15,620

$ 15,620

^[4]

3,510

^[4]

20,846

^[1],[4]

8,279

^[4]

3,510

^[4]

29,125

^[4]

32,635

^[4]

4,067

$ 4,067

Florida IFL 004 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

3,048

^[4]

8,676

^[1],[4]

^[4]

3,048

^[4]

8,676

^[4]

11,724

^[4]

3,073

$ 3,073

Florida IFL 005 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,612

^[4]

4,586

^[1],[4]

(1,408)

^[4]

1,241

^[4]

3,549

^[4]

4,790

^[4]

677

$ 677

Florida IFL 006 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,476

^[4]

4,198

^[1],[4]

(4,497)

^[4]

450

^[4]

727

^[4]

1,177

^[4]

435

$ 435

Georgia IGA 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

13,596

$ 13,596

^[4]

2,791

^[4]

24,637

^[1],[4]

349

^[4]

2,791

^[4]

24,986

^[4]

27,777

^[4]

3,863

$ 3,863

Hawaii IHI 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

7,477

23,623

^[1]

369

7,477

23,992

31,469

2,356

$ 2,356

Indiana IIN 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

462

^[4]

9,224

^[1],[4]

^[4]

462

^[4]

9,224

^[4]

9,686

^[4]

2,011

$ 2,011

Massachusetts IMA 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

18,706

$ 18,706

^[4]

7,439

^[4]

21,774

^[1],[4]

10,979

^[4]

7,439

^[4]

32,753

^[4]

40,192

^[4]

4,572

$ 4,572

Michigan IMI 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

598

^[4]

9,814

^[1],[4]

^[4]

598

^[4]

9,815

^[4]

10,413

^[4]

2,162

$ 2,162

Minnesota IMN 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

403

^[4]

1,147

^[1],[4]

(344)

^[4]

1,206

^[4]

^[4]

1,206

^[4]

$ 0

Minnesota IMN 002 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

6,705

^[4]

17,690

^[1],[4]

^[4]

6,225

^[4]

18,170

^[4]

24,395

^[4]

4,047

$ 4,047

North Carolina INC 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

680

^[4]

5,947

^[1],[4]

^[4]

680

^[4]

5,947

^[4]

6,627

^[4]

1,390

$ 1,390

New Jersey INJ 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

21,695

$ 21,695

^[4]

8,368

^[4]

15,376

^[1],[4]

21,141

^[4]

8,368

^[4]

36,517

^[4]

44,885

^[4]

5,172

$ 5,172

New York INY 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,796

^[4]

5,108

^[1],[4]

^[4]

1,796

^[4]

5,112

^[4]

6,908

^[4]

1,811

$ 1,811

Texas ITX 002 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

594

716

^[1]

594

716

1,310

132

$ 132

Texas ITX 003 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

3,617

3,432

^[1]

3,617

3,432

7,049

633

$ 633

Texas ITX 004 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

13,499

$ 13,499

^[4]

1,631

^[4]

27,858

^[1],[4]

(416)

^[4]

1,631

^[4]

27,442

^[4]

29,073

^[4]

4,186

$ 4,186

Texas ITX 005 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,314

^[4]

8,903

^[1],[4]

^[4]

1,314

^[4]

8,949

^[4]

10,263

^[4]

3,165

$ 3,165

Virginia IVA 001 [Member] | INDUSTRIAL FACILITIES:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

14,560

$ 14,560

^[4]

2,619

^[4]

28,481

^[1],[4]

142

^[4]

2,619

^[4]

28,623

^[4]

31,242

^[4]

4,424

$ 4,424

Arizona LAZ 001 [Member] | LAND:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

96,700

^[1]

96,700

96,700

$ 0

California LCA 002 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

28,464

2,836

^[1]

28,464

2,836

31,300

1,841

$ 1,841

California LCA008 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

30,500

^[1]

30,500

30,500

$ 0

California LCA 003 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

87,300

^[1]

(15,643)

71,657

71,657

$ 0

California LCA 004 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

68,155

^[1]

(21,405)

46,750

46,750

$ 0

California LCA 005 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

84,100

^[1]

84,102

84,102

$ 0

California LCA 006 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

59,100

^[1]

59,100

59,100

$ 0

Florida LFA 001 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

7,600

^[1]

7,600

7,600

$ 0

Florida LFA 002 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

8,100

^[1]

8,100

8,100

$ 0

Flordia LFA 006 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

9,300

^[1]

9,300

9,300

$ 0

Florida LFA 003 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

26,600

^[1]

4,413

26,600

4,413

31,013

$ 0

Florida LFA 005 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

10,440

^[1]

10,440

10,440

$ 0

Hawaii LHI 001 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

9,300

^[1]

9,300

9,300

$ 0

Georgia LGA 001 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

3,800

^[1]

3,800

3,800

$ 0

Georgia LGA 002 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,400

^[4]

^[1],[4]

^[4]

1,400

^[4]

^[4]

1,400

^[4]

$ 0

Illinois LIL 001 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

9,500

^[1]

9,500

9,500

$ 0

Maryland LMD 001 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

102,938

^[1]

102,938

102,938

$ 0

Maryland LMD 002 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,486

^[4]

^[1],[4]

^[4]

2,486

^[4]

^[4]

2,486

^[4]

290

$ 290

New Jersey LNJ 001 [Member] | LAND:

70 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

43,300

^[1]

35,065

78,365

78,365

$ 51

New York LNY 002 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

58,900

^[1]

58,900

58,952

$ 0

New York LNY 003 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

3,277

^[1]

3,277

3,277

$ 0

New York LNY 001 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

52,461

^[1]

52,461

52,461

$ 0

Oregon LOR 001 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

3,674

^[1]

168

3,674

168

3,842

$ 0

Texas LTX 001 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

3,375

^[4]

^[1],[4]

^[4]

3,375

^[4]

^[4]

3,375

^[4]

$ 0

Texas LTX 002 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

3,621

^[4]

^[1],[4]

^[4]

3,621

^[4]

^[4]

3,621

^[4]

$ 0

Oregon LOR 002 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

20,326

^[1]

(4,639)

15,687

15,687

$ 0

Virginia LVA 001 Property 1 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

60,814

^[1]

12,243

73,057

73,057

1,158

$ 1,158

Virginia LVA 001 Property 2 [Member] | LAND:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

11,324

^[1]

(4,217)

7,107

7,107

$ 0

Alabama EAL 001 [Member] | ENTERTAINMENT:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

277

^[4]

359

^[1],[4]

(3)

^[4]

277

^[4]

356

^[4]

633

^[4]

$ 88

Alabama EAL 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

319

^[4]

414

^[1],[4]

^[4]

319

^[4]

414

^[4]

733

^[4]

102

$ 102

Arizona EAZ 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

793

^[4]

1,027

^[1],[4]

^[4]

793

^[4]

1,027

^[4]

1,820

^[4]

253

$ 253

Arizona EAZ 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

521

^[4]

673

^[1],[4]

(4)

^[4]

521

^[4]

669

^[4]

1,190

^[4]

166

$ 166

Arizona EAZ 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

305

^[4]

394

^[1],[4]

(3)

^[4]

305

^[4]

391

^[4]

696

^[4]

$ 97

Arizona EAZ 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

630

^[4]

815

^[1],[4]

^[4]

630

^[4]

815

^[4]

1,445

^[4]

201

$ 201

Arizona EAZ 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

590

^[4]

764

^[1],[4]

^[4]

590

^[4]

764

^[4]

1,354

^[4]

188

$ 188

Arizona EAZ 006 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

476

^[4]

616

^[1],[4]

(4)

^[4]

476

^[4]

612

^[4]

1,088

^[4]

152

$ 152

Arizona EAZ 007 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

654

^[4]

845

^[1],[4]

(6)

^[4]

654

^[4]

839

^[4]

1,493

^[4]

208

$ 208

Arizona EAZ 008 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

666

^[4]

862

^[1],[4]

(6)

^[4]

666

^[4]

856

^[4]

1,522

^[4]

212

$ 212

Arizona EAZ 009 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

460

^[4]

596

^[1],[4]

^[4]

460

^[4]

596

^[4]

1,056

^[4]

147

$ 147

California ECA 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,097

^[4]

1,421

^[1],[4]

^[4]

1,097

^[4]

1,421

^[4]

2,518

^[4]

349

$ 349

California ECA 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

434

^[4]

560

^[1],[4]

^[4]

434

^[4]

561

^[4]

995

^[4]

138

$ 138

California ECA 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

332

^[4]

429

^[1],[4]

^[4]

332

^[4]

429

^[4]

761

^[4]

106

$ 106

California ECA 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,642

^[4]

2,124

^[1],[4]

(16)

^[4]

1,642

^[4]

2,108

^[4]

3,750

^[4]

523

$ 523

California ECA 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

676

^[4]

876

^[1],[4]

^[4]

676

^[4]

876

^[4]

1,552

^[4]

215

$ 215

California ECA 006 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

720

^[4]

932

^[1],[4]

^[4]

720

^[4]

932

^[4]

1,652

^[4]

229

$ 229

California ECA 007 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

574

^[4]

743

^[1],[4]

(5)

^[4]

574

^[4]

738

^[4]

1,312

^[4]

183

$ 183

California ECA 008 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

392

^[4]

508

^[1],[4]

(4)

^[4]

392

^[4]

504

^[4]

896

^[4]

125

$ 125

California ECA 009 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

358

^[4]

464

^[1],[4]

(3)

^[4]

358

^[4]

461

^[4]

819

^[4]

114

$ 114

California ECA 010 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

^[4]

18,000

^[1],[4]

^[4]

^[4]

18,000

^[4]

18,000

^[4]

4,336

$ 4,336

California ECA 011 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

852

^[4]

1,101

^[1],[4]

(8)

^[4]

852

^[4]

1,093

^[4]

1,945

^[4]

271

$ 271

California ECA 012 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,572

^[4]

2,034

^[1],[4]

^[4]

1,572

^[4]

2,034

^[4]

3,606

^[4]

500

$ 500

California ECA 013 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

^[4]

1,953

^[1],[4]

25,772

^[4]

^[4]

27,725

^[4]

27,725

^[4]

3,348

$ 3,348

California ECA 014 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

659

^[4]

852

^[1],[4]

(6)

^[4]

659

^[4]

846

^[4]

1,505

^[4]

210

$ 210

California ECA 015 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

562

^[4]

729

^[1],[4]

^[4]

562

^[4]

729

^[4]

1,291

^[4]

179

$ 179

California ECA 016 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

896

^[4]

1,159

^[1],[4]

(8)

^[4]

896

^[4]

1,151

^[4]

2,047

^[4]

285

$ 285

Colorado ECO 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

466

^[4]

602

^[1],[4]

(5)

^[4]

466

^[4]

597

^[4]

1,063

^[4]

148

$ 148

Colorado ECO 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

640

^[4]

827

^[1],[4]

^[4]

640

^[4]

828

^[4]

1,468

^[4]

204

$ 204

Colorado ECO 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

729

^[4]

944

^[1],[4]

^[4]

729

^[4]

944

^[4]

1,673

^[4]

232

$ 232

Colorado ECO 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

536

^[4]

694

^[1],[4]

(5)

^[4]

536

^[4]

689

^[4]

1,225

^[4]

171

$ 171

Colorado ECO 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

412

^[4]

533

^[1],[4]

^[4]

412

^[4]

533

^[4]

945

^[4]

131

$ 131

Colorado ECO 006 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

901

^[4]

1,165

^[1],[4]

(9)

^[4]

901

^[4]

1,156

^[4]

2,057

^[4]

287

$ 287

Connecticut ECT 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,097

^[4]

1,420

^[1],[4]

(10)

^[4]

1,097

^[4]

1,410

^[4]

2,507

^[4]

349

$ 349

Connecticut ECT 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

330

^[4]

426

^[1],[4]

^[4]

330

^[4]

426

^[4]

756

^[4]

105

$ 105

Delaware EDE 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,076

^[4]

1,390

^[1],[4]

^[4]

1,076

^[4]

1,394

^[4]

2,470

^[4]

343

$ 343

Florida EFL 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

^[4]

41,809

^[1],[4]

^[4]

^[4]

41,809

^[4]

41,809

^[4]

13,655

$ 13,655

Florida EFL 002 [Member] | ENTERTAINMENT:

27 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

412

^[4]

531

^[1],[4]

(3)

^[4]

412

^[4]

528

^[4]

940

^[4]

131

$ 131

Florida EFL 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

6,550

^[4]

^[1],[4]

17,118

^[4]

6,533

^[4]

17,135

^[4]

23,668

^[4]

2,853

$ 2,853

Florida EFL 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,067

^[4]

1,382

^[1],[4]

^[4]

1,067

^[4]

1,382

^[4]

2,449

^[4]

340

$ 340

Florida EFL 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

340

^[4]

439

^[1],[4]

(3)

^[4]

340

^[4]

436

^[4]

776

^[4]

108

$ 108

Florida EFL 006 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

401

^[4]

520

^[1],[4]

^[4]

401

^[4]

520

^[4]

921

^[4]

128

$ 128

Florida EFL 007 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

507

^[4]

655

^[1],[4]

(5)

^[4]

507

^[4]

650

^[4]

1,157

^[4]

161

$ 161

Florida EFL 008 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

282

^[4]

364

^[1],[4]

(3)

^[4]

282

^[4]

361

^[4]

643

^[4]

$ 90

Florida EFL 009 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

352

^[4]

455

^[1],[4]

^[4]

352

^[4]

455

^[4]

807

^[4]

112

$ 112

Florida EFL 011 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

437

^[4]

567

^[1],[4]

^[4]

437

^[4]

567

^[4]

1,004

^[4]

139

$ 139

Florida EFL 012 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

532

^[4]

689

^[1],[4]

^[4]

532

^[4]

689

^[4]

1,221

^[4]

169

$ 169

Florida EFL 014 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

486

^[4]

629

^[1],[4]

^[4]

486

^[4]

629

^[4]

1,115

^[4]

155

$ 155

Florida EFL 015 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

433

^[4]

561

^[1],[4]

(4)

^[4]

433

^[4]

557

^[4]

990

^[4]

138

$ 138

Florida EFL 016 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

497

^[4]

643

^[1],[4]

(5)

^[4]

497

^[4]

638

^[4]

1,135

^[4]

158

$ 158

Florida EFL 018 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

643

^[4]

833

^[1],[4]

(6)

^[4]

643

^[4]

827

^[4]

1,470

^[4]

205

$ 205

Florida EFL 019 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

4,200

^[4]

18,272

^[1],[4]

^[4]

4,200

^[4]

18,272

^[4]

22,472

^[4]

4,041

$ 4,041

Florida EFL 020 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

551

714

^[1]

(6)

551

708

1,259

175

$ 175

Florida EFL 021 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

364

^[4]

470

^[1],[4]

(3)

^[4]

364

^[4]

467

^[4]

831

^[4]

116

$ 116

Florida EFL 022 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

507

^[4]

656

^[1],[4]

^[4]

507

^[4]

656

^[4]

1,163

^[4]

161

$ 161

Florida EFL 023 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

^[4]

19,337

^[1],[4]

^[4]

^[4]

19,337

^[4]

19,337

^[4]

4,276

$ 4,276

Georgia EGA 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

510

^[4]

660

^[1],[4]

(5)

^[4]

510

^[4]

655

^[4]

1,165

^[4]

162

$ 162

Georgia EGA 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

286

^[4]

371

^[1],[4]

^[4]

286

^[4]

371

^[4]

657

^[4]

$ 91

Georgia EGA 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

474

^[4]

613

^[1],[4]

^[4]

474

^[4]

613

^[4]

1,087

^[4]

151

$ 151

Georgia EGA 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

581

^[4]

752

^[1],[4]

^[4]

581

^[4]

752

^[4]

1,333

^[4]

185

$ 185

Georgia EGA 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

718

^[4]

930

^[1],[4]

(7)

^[4]

718

^[4]

923

^[4]

1,641

^[4]

229

$ 229

Georgia EGA 006 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

546

^[4]

706

^[1],[4]

^[4]

546

^[4]

706

^[4]

1,252

^[4]

174

$ 174

Georgia EGA 007 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

502

^[4]

651

^[1],[4]

(5)

^[4]

502

^[4]

646

^[4]

1,148

^[4]

160

$ 160

Illinois EIL 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

335

^[4]

434

^[1],[4]

^[4]

335

^[4]

434

^[4]

769

^[4]

107

$ 107

Illinois EIL 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

481

^[4]

622

^[1],[4]

^[4]

481

^[4]

622

^[4]

1,103

^[4]

153

$ 153

Illinois EIL 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

8,803

^[4]

^[1],[4]

30,479

^[4]

8,803

^[4]

30,536

^[4]

39,339

^[4]

4,819

$ 4,819

Illinois EIL 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

433

^[4]

560

^[1],[4]

(5)

^[4]

433

^[4]

555

^[4]

988

^[4]

138

$ 138

Illinois EIL 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

431

^[4]

557

^[1],[4]

(4)

^[4]

431

^[4]

553

^[4]

984

^[4]

137

$ 137

Indiana EIN 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

542

^[4]

701

^[1],[4]

(5)

^[4]

542

^[4]

696

^[4]

1,238

^[4]

172

$ 172

Kentucky EKY 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

417

^[4]

539

^[1],[4]

^[4]

417

^[4]

539

^[4]

956

^[4]

133

$ 133

Kentucky EKY 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

365

^[4]

473

^[1],[4]

(3)

^[4]

365

^[4]

470

^[4]

835

^[4]

116

$ 116

Maryland EMD 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

428

^[4]

554

^[1],[4]

^[4]

428

^[4]

554

^[4]

982

^[4]

136

$ 136

Maryland EMD 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

575

^[4]

745

^[1],[4]

^[4]

575

^[4]

745

^[4]

1,320

^[4]

183

$ 183

Maryland EMD 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

362

^[4]

468

^[1],[4]

(3)

^[4]

362

^[4]

465

^[4]

827

^[4]

115

$ 115

Maryland EMD 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

884

^[4]

1,145

^[1],[4]

(9)

^[4]

884

^[4]

1,136

^[4]

2,020

^[4]

282

$ 282

Maryland EMD 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

371

^[4]

481

^[1],[4]

^[4]

371

^[4]

481

^[4]

852

^[4]

118

$ 118

Maryland EMD 006 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

399

^[4]

518

^[1],[4]

(4)

^[4]

399

^[4]

514

^[4]

913

^[4]

127

$ 127

Maryland EMD 007 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

649

^[4]

839

^[1],[4]

(6)

^[4]

649

^[4]

833

^[4]

1,482

^[4]

206

$ 206

Maryland EMD 008 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

366

^[4]

473

^[1],[4]

(3)

^[4]

366

^[4]

470

^[4]

836

^[4]

116

$ 116

Maryland EMD 009 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

398

^[4]

516

^[1],[4]

(4)

^[4]

398

^[4]

512

^[4]

910

^[4]

127

$ 127

Maryland EMD 011 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,126

^[4]

1,458

^[1],[4]

^[4]

1,126

^[4]

1,458

^[4]

2,584

^[4]

359

$ 359

Massachusetts EMA 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

523

^[4]

678

^[1],[4]

(6)

^[4]

523

^[4]

672

^[4]

1,195

^[4]

167

$ 167

Massachusetts EMA 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

548

^[4]

711

^[1],[4]

^[4]

548

^[4]

711

^[4]

1,259

^[4]

175

$ 175

Massachusetts EMA 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

519

^[4]

672

^[1],[4]

(5)

^[4]

519

^[4]

667

^[4]

1,186

^[4]

165

$ 165

Massachusetts EMA 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

344

^[4]

445

^[1],[4]

^[4]

344

^[4]

445

^[4]

789

^[4]

109

$ 109

Michigan EMI 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

516

^[4]

667

^[1],[4]

(5)

^[4]

516

^[4]

662

^[4]

1,178

^[4]

164

$ 164

Michigan EMI 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

554

^[4]

718

^[1],[4]

^[4]

554

^[4]

718

^[4]

1,272

^[4]

177

$ 177

Michigan EMI 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

387

^[4]

500

^[1],[4]

(4)

^[4]

387

^[4]

496

^[4]

883

^[4]

123

$ 123

Michigan EMI 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

533

^[4]

691

^[1],[4]

(6)

^[4]

533

^[4]

685

^[4]

1,218

^[4]

170

$ 170

Michigan EMI 006 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

356

^[4]

460

^[1],[4]

^[4]

356

^[4]

460

^[4]

816

^[4]

113

$ 113

Minnesota EMN 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

666

^[4]

861

^[1],[4]

(6)

^[4]

666

^[4]

855

^[4]

1,521

^[4]

212

$ 212

Minnesota EMN 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,962

^[4]

^[1],[4]

15,384

^[4]

2,962

^[4]

15,384

^[4]

18,346

^[4]

2,507

$ 2,507

Minnesota EMN 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,437

^[4]

8,715

^[1],[4]

679

^[4]

2,437

^[4]

9,394

^[4]

11,831

^[4]

1,939

$ 1,939

Missouri EMO 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

334

^[4]

432

^[1],[4]

^[4]

334

^[4]

432

^[4]

766

^[4]

106

$ 106

Missouri EMO 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

404

^[4]

523

^[1],[4]

(4)

^[4]

404

^[4]

519

^[4]

923

^[4]

129

$ 129

Missouri EMO 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

462

^[4]

597

^[1],[4]

(4)

^[4]

462

^[4]

593

^[4]

1,055

^[4]

147

$ 147

Missouri EMO 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

878

^[4]

1,139

^[1],[4]

^[4]

878

^[4]

1,139

^[4]

2,017

^[4]

280

$ 280

New Jersey ENJ 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,560

^[4]

2,019

^[1],[4]

(15)

^[4]

1,560

^[4]

2,004

^[4]

3,564

^[4]

497

$ 497

New Jersey ENJ 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

830

^[4]

1,075

^[1],[4]

^[4]

830

^[4]

1,075

^[4]

1,905

^[4]

264

$ 264

Nevada ENV 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

440

^[4]

569

^[1],[4]

(4)

^[4]

440

^[4]

565

^[4]

1,005

^[4]

140

$ 140

New York ENY 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

603

^[4]

779

^[1],[4]

(6)

^[4]

603

^[4]

773

^[4]

1,376

^[4]

192

$ 192

New York ENY 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

442

^[4]

571

^[1],[4]

^[4]

442

^[4]

571

^[4]

1,013

^[4]

141

$ 141

New York ENY 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

562

^[4]

728

^[1],[4]

^[4]

562

^[4]

728

^[4]

1,290

^[4]

179

$ 179

New York ENY 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

385

^[4]

499

^[1],[4]

(3)

^[4]

385

^[4]

496

^[4]

881

^[4]

123

$ 123

New York ENY 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

350

^[4]

453

^[1],[4]

^[4]

350

^[4]

453

^[4]

803

^[4]

111

$ 111

New York ENY 006 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

326

^[4]

421

^[1],[4]

^[4]

326

^[4]

421

^[4]

747

^[4]

104

$ 104

New York ENY 007 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

494

^[4]

640

^[1],[4]

^[4]

494

^[4]

640

^[4]

1,134

^[4]

157

$ 157

New York ENY 008 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

320

^[4]

414

^[1],[4]

(3)

^[4]

320

^[4]

411

^[4]

731

^[4]

102

$ 102

New York ENY 009 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

399

^[4]

516

^[1],[4]

(4)

^[4]

399

^[4]

512

^[4]

911

^[4]

127

$ 127

New York ENY 010 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

959

^[4]

1,240

^[1],[4]

(9)

^[4]

959

^[4]

1,231

^[4]

2,190

^[4]

305

$ 305

New York ENY 011 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

587

^[4]

761

^[1],[4]

^[4]

587

^[4]

761

^[4]

1,348

^[4]

187

$ 187

New York ENY 012 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

521

^[4]

675

^[1],[4]

(5)

^[4]

521

^[4]

670

^[4]

1,191

^[4]

166

$ 166

New York ENY 013 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

711

^[4]

920

^[1],[4]

^[4]

711

^[4]

920

^[4]

1,631

^[4]

226

$ 226

New York ENY 014 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

558

^[4]

723

^[1],[4]

(6)

^[4]

558

^[4]

717

^[4]

1,275

^[4]

178

$ 178

New York ENY 015 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

747

^[4]

967

^[1],[4]

^[4]

747

^[4]

967

^[4]

1,714

^[4]

238

$ 238

New York ENY 016 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

683

^[4]

885

^[1],[4]

(7)

^[4]

683

^[4]

878

^[4]

1,561

^[4]

218

$ 218

New York ENY 017 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,492

^[4]

1,933

^[1],[4]

^[4]

1,492

^[4]

1,933

^[4]

3,425

^[4]

475

$ 475

New York ENY 018 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,471

^[4]

1,904

^[1],[4]

(14)

^[4]

1,471

^[4]

1,890

^[4]

3,361

^[4]

468

$ 468

North Carolina ENC 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

397

^[4]

513

^[1],[4]

^[4]

397

^[4]

513

^[4]

910

^[4]

126

$ 126

North Carolina ENC 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

476

^[4]

615

^[1],[4]

(4)

^[4]

476

^[4]

611

^[4]

1,087

^[4]

151

$ 151

North Carolina ENC 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

410

^[4]

530

^[1],[4]

(4)

^[4]

410

^[4]

526

^[4]

936

^[4]

130

$ 130

North Carolina ENC 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

402

^[4]

520

^[1],[4]

(4)

^[4]

402

^[4]

516

^[4]

918

^[4]

128

$ 128

North Carolina ENC 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

948

^[4]

1,227

^[1],[4]

^[4]

948

^[4]

1,227

^[4]

2,175

^[4]

302

$ 302

North Carolina ENC 006 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

259

^[4]

336

^[1],[4]

(3)

^[4]

259

^[4]

333

^[4]

592

^[4]

$ 83

North Carolina ENC 007 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

349

^[4]

452

^[1],[4]

^[4]

349

^[4]

452

^[4]

801

^[4]

111

$ 111

North Carolina ENC 008 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

640

^[4]

828

^[1],[4]

^[4]

640

^[4]

828

^[4]

1,468

^[4]

204

$ 204

North Carolina ENC 009 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

409

^[4]

531

^[1],[4]

^[4]

409

^[4]

531

^[4]

940

^[4]

130

$ 130

North Carolina ENC 010 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

965

^[4]

1,249

^[1],[4]

(10)

^[4]

965

^[4]

1,239

^[4]

2,204

^[4]

307

$ 307

North Carolina ENC 011 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

475

^[4]

615

^[1],[4]

^[4]

475

^[4]

615

^[4]

1,090

^[4]

151

$ 151

North Carolina ENC 012 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

494

^[4]

638

^[1],[4]

(4)

^[4]

494

^[4]

634

^[4]

1,128

^[4]

157

$ 157

Ohio EOH 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

434

^[4]

562

^[1],[4]

^[4]

434

^[4]

562

^[4]

996

^[4]

138

$ 138

Ohio EOH 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

967

^[4]

1,252

^[1],[4]

(9)

^[4]

967

^[4]

1,243

^[4]

2,210

^[4]

308

$ 308

Ohio EOH 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

281

^[4]

365

^[1],[4]

(3)

^[4]

281

^[4]

362

^[4]

643

^[4]

$ 90

Ohio EOH 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

393

^[4]

508

^[1],[4]

^[4]

393

^[4]

508

^[4]

901

^[4]

125

$ 125

Oklahoma EOK 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

431

^[4]

557

^[1],[4]

(4)

^[4]

431

^[4]

553

^[4]

984

^[4]

137

$ 137

Oklahoma EOK 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

954

^[4]

1,235

^[1],[4]

^[4]

954

^[4]

1,235

^[4]

2,189

^[4]

304

$ 304

Oregon EOR 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

393

^[4]

508

^[1],[4]

(4)

^[4]

393

^[4]

504

^[4]

897

^[4]

125

$ 125

Pennsylvania EPA 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

407

^[4]

527

^[1],[4]

^[4]

407

^[4]

527

^[4]

934

^[4]

130

$ 130

Pennsylvania EPA 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

421

^[4]

544

^[1],[4]

^[4]

421

^[4]

544

^[4]

965

^[4]

134

$ 134

Pennsylvania EPA 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

409

^[4]

528

^[1],[4]

(4)

^[4]

409

^[4]

524

^[4]

933

^[4]

130

$ 130

Pennsylvania EPA 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

407

^[4]

527

^[1],[4]

(3)

^[4]

407

^[4]

524

^[4]

931

^[4]

130

$ 130

Puerto Rico EPR 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

950

^[4]

1,230

^[1],[4]

^[4]

950

^[4]

1,230

^[4]

2,180

^[4]

303

$ 303

Rhode Island ERI 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

850

^[4]

1,100

^[1],[4]

(8)

^[4]

850

^[4]

1,092

^[4]

1,942

^[4]

271

$ 271

South Carolina ESC 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

943

^[4]

1,220

^[1],[4]

(9)

^[4]

943

^[4]

1,211

^[4]

2,154

^[4]

300

$ 300

South Carolina ESC 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

332

^[4]

429

^[1],[4]

^[4]

332

^[4]

429

^[4]

761

^[4]

106

$ 106

South Carolina ESC 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

924

^[4]

1,196

^[1],[4]

^[4]

924

^[4]

1,196

^[4]

2,120

^[4]

294

$ 294

Tennessee ETN 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

260

^[4]

338

^[1],[4]

^[4]

260

^[4]

338

^[4]

598

^[4]

$ 83

Texas ETX 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,045

^[4]

1,353

^[1],[4]

^[4]

1,045

^[4]

1,353

^[4]

2,398

^[4]

333

$ 333

Texas ETX 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

593

^[4]

767

^[1],[4]

(6)

^[4]

593

^[4]

761

^[4]

1,354

^[4]

189

$ 189

Texas ETX 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

985

^[4]

1,276

^[1],[4]

^[4]

985

^[4]

1,276

^[4]

2,261

^[4]

314

$ 314

Texas ETX 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

838

^[4]

1,083

^[1],[4]

(8)

^[4]

838

^[4]

1,075

^[4]

1,913

^[4]

267

$ 267

Texas ETX 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

528

^[4]

682

^[1],[4]

(5)

^[4]

528

^[4]

677

^[4]

1,205

^[4]

168

$ 168

Texas ETX 006 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

480

^[4]

622

^[1],[4]

(4)

^[4]

480

^[4]

618

^[4]

1,098

^[4]

153

$ 153

Texas ETX 007 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

975

^[4]

1,261

^[1],[4]

(10)

^[4]

975

^[4]

1,251

^[4]

2,226

^[4]

310

$ 310

Texas ETX 008 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,108

^[4]

1,433

^[1],[4]

(10)

^[4]

1,108

^[4]

1,423

^[4]

2,531

^[4]

353

$ 353

Texas ETX 009 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

425

^[4]

549

^[1],[4]

(58)

^[4]

425

^[4]

491

^[4]

916

^[4]

127

$ 127

Texas ETX 010 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

518

^[4]

671

^[1],[4]

^[4]

518

^[4]

671

^[4]

1,189

^[4]

165

$ 165

Texas ETX 011 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

758

^[4]

981

^[1],[4]

^[4]

758

^[4]

982

^[4]

1,740

^[4]

241

$ 241

Texas ETX 013 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

375

^[4]

485

^[1],[4]

(3)

^[4]

375

^[4]

482

^[4]

857

^[4]

119

$ 119

Texas ETX 014 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

438

^[4]

567

^[1],[4]

(4)

^[4]

438

^[4]

563

^[4]

1,001

^[4]

140

$ 140

Texas ETX 017 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

561

^[4]

726

^[1],[4]

^[4]

561

^[4]

726

^[4]

1,287

^[4]

179

$ 179

Texas ETX 018 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

753

^[4]

976

^[1],[4]

^[4]

753

^[4]

976

^[4]

1,729

^[4]

240

$ 240

Texas ETX 019 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

521

^[4]

675

^[1],[4]

^[4]

521

^[4]

675

^[4]

1,196

^[4]

166

$ 166

Texas ETX 020 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

634

^[4]

821

^[1],[4]

(6)

^[4]

634

^[4]

815

^[4]

1,449

^[4]

202

$ 202

Texas ETX 021 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

379

^[4]

491

^[1],[4]

(4)

^[4]

379

^[4]

487

^[4]

866

^[4]

121

$ 121

Texas ETX 022 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

592

^[4]

766

^[1],[4]

^[4]

592

^[4]

766

^[4]

1,358

^[4]

188

$ 188

Utah EUT 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

624

^[4]

808

^[1],[4]

^[4]

624

^[4]

808

^[4]

1,432

^[4]

199

$ 199

Virginia EVA 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,134

^[4]

1,467

^[1],[4]

^[4]

1,134

^[4]

1,467

^[4]

2,601

^[4]

361

$ 361

Virginia EVA 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

845

^[4]

1,094

^[1],[4]

^[4]

845

^[4]

1,094

^[4]

1,939

^[4]

269

$ 269

Virginia EVA 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

884

^[4]

1,145

^[1],[4]

(9)

^[4]

884

^[4]

1,136

^[4]

2,020

^[4]

282

$ 282

Virginia EVA 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

953

^[4]

1,233

^[1],[4]

(10)

^[4]

953

^[4]

1,223

^[4]

2,176

^[4]

303

$ 303

Virginia EVA 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

487

^[4]

632

^[1],[4]

^[4]

487

^[4]

632

^[4]

1,119

^[4]

155

$ 155

Virginia EVA 006 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

425

^[4]

550

^[1],[4]

(4)

^[4]

425

^[4]

546

^[4]

971

^[4]

135

$ 135

Virginia EVA 007 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,151

^[4]

1,490

^[1],[4]

(11)

^[4]

1,151

^[4]

1,479

^[4]

2,630

^[4]

367

$ 367

Virginia EVA 008 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

546

^[4]

707

^[1],[4]

^[4]

546

^[4]

707

^[4]

1,253

^[4]

174

$ 174

Virginia EVA 009 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

851

^[4]

1,103

^[1],[4]

^[4]

851

^[4]

1,103

^[4]

1,954

^[4]

271

$ 271

Virginia EVA 010 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

819

^[4]

1,061

^[1],[4]

^[4]

819

^[4]

1,061

^[4]

1,880

^[4]

261

$ 261

Virginia EVA 011 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

958

^[4]

1,240

^[1],[4]

^[4]

958

^[4]

1,240

^[4]

2,198

^[4]

305

$ 305

Virginia EVA 012 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

788

^[4]

1,020

^[1],[4]

(8)

^[4]

788

^[4]

1,012

^[4]

1,800

^[4]

251

$ 251

Virginia EVA 013 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

554

^[4]

716

^[1],[4]

(5)

^[4]

554

^[4]

711

^[4]

1,265

^[4]

176

$ 176

Washington EWA 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,500

^[4]

6,500

^[1],[4]

^[4]

1,500

^[4]

6,500

^[4]

8,000

^[4]

1,927

$ 1,927

Wisconsin EWI 001 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

521

^[4]

673

^[1],[4]

^[4]

521

^[4]

675

^[4]

1,196

^[4]

166

$ 166

Wisconsin EWI 002 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

413

^[4]

535

^[1],[4]

^[4]

413

^[4]

535

^[4]

948

^[4]

132

$ 132

Wisconsin EWI 003 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

542

^[4]

702

^[1],[4]

(6)

^[4]

542

^[4]

696

^[4]

1,238

^[4]

173

$ 173

Wisconsin EWI 004 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

793

^[4]

1,025

^[1],[4]

(8)

^[4]

793

^[4]

1,017

^[4]

1,810

^[4]

252

$ 252

Wisconsin EWI 005 [Member] | ENTERTAINMENT:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,124

^[4]

1,455

^[1],[4]

^[4]

1,124

^[4]

1,455

^[4]

2,579

^[4]

358

$ 358

Arizona RAZ 003 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

2,625

4,875

^[1]

536

2,625

5,411

8,036

258

$ 258

Arizona RAZ 004 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

2,184

4,056

^[1]

(1,588)

2,184

2,468

4,652

134

$ 134

Arizona RAZ 005 [Member] | RETAIL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,657

^[4]

2,666

^[1],[4]

(277)

^[4]

2,657

^[4]

2,389

^[4]

5,046

^[4]

225

$ 225

California RCA 001 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,569

^[4]

3,031

^[1],[4]

150

^[4]

2,569

^[4]

3,181

^[4]

5,750

^[4]

322

$ 322

Colorado RCO 001 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,631

^[4]

279

^[1],[4]

5,195

^[4]

2,607

^[4]

5,498

^[4]

8,105

^[4]

915

$ 915

Florida RFL 003 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

3,950

^[4]

^[1],[4]

10,285

^[4]

3,908

^[4]

10,327

^[4]

14,235

^[4]

1,897

$ 1,897

Hawaii RHI 001 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

3,393

21,155

^[1]

3,332

3,393

24,487

27,880

2,792

$ 2,792

Illinois RIL 002 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

14,934

29,675

^[1]

1,692

14,934

31,367

46,301

1,495

$ 1,495

Illinois RIL 001 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

^[4]

336

^[1],[4]

695

^[4]

^[4]

1,031

^[4]

1,031

^[4]

221

$ 221

New Mexico RNM 001 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,733

^[4]

^[1],[4]

8,370

^[4]

1,705

^[4]

8,398

^[4]

10,103

^[4]

1,418

$ 1,418

New York RNY 001 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

731

^[4]

6,073

^[1],[4]

699

^[4]

711

^[4]

6,792

^[4]

7,503

^[4]

1,538

$ 1,538

Pennsylvania RPA001 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

5,687

^[4]

56,950

^[1],[4]

1,754

^[4]

5,687

^[4]

58,704

^[4]

64,391

^[4]

4,439

$ 4,439

South Carolina RSC 001 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

2,126

948

^[1]

(790)

1,337

947

2,284

158

$ 158

Texas RTX 001 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

3,538

^[4]

4,215

^[1],[4]

171

^[4]

3,514

^[4]

4,410

^[4]

7,924

^[4]

1,112

$ 1,112

Texas RTX 002 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

1,225

2,275

^[1]

(791)

1,225

1,484

2,709

$ 0

Texas RTX 003 [Member] | RETAIL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

630

1,170

^[1]

(409)

630

761

1,391

$ 0

Utah RUT 001 [Member] | RETAIL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

3,502

^[4]

^[1],[4]

5,975

^[4]

3,502

^[4]

5,975

^[4]

9,477

^[4]

1,082

$ 1,082

Virginia RVA001 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

4,720

^[4]

16,711

^[1],[4]

^[4]

4,720

^[4]

16,711

^[4]

21,431

^[4]

674

$ 674

Washington RWA 001 [Member] | RETAIL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

1,301

^[1]

(990)

311

311

$ 0

California HCA 002 [Member] | HOTEL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

4,394

^[4]

27,030

^[1],[4]

(871)

^[4]

4,394

^[4]

26,159

^[4]

30,553

^[4]

10,632

$ 10,632

California HCA 003 [Member] | HOTEL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

3,308

^[4]

20,623

^[1],[4]

(664)

^[4]

3,308

^[4]

19,959

^[4]

23,267

^[4]

8,097

$ 8,097

Colorado HCO 001 [Member] | HOTEL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

1,242

^[4]

7,865

^[1],[4]

(253)

^[4]

1,242

^[4]

7,612

^[4]

8,854

^[4]

3,081

$ 3,081

Georgia HGA 001 [Member] | HOTEL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

6,378

^[4]

25,514

^[1],[4]

562

^[4]

6,378

^[4]

26,076

^[4]

32,454

^[4]

2,813

$ 2,813

Hawaii HHI 001 [Member] | HOTEL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

17,996

^[4]

17,996

^[1],[4]

6,971

^[4]

17,996

^[4]

24,967

^[4]

42,963

^[4]

4,078

$ 4,078

Hawaii HHI 002 [Member] | HOTEL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

3,000

12,000

^[1]

1,090

3,000

13,090

16,090

1,294

$ 1,294

Arizona AAZ 001 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

2,423

^[1]

1,921

2,423

1,921

4,344

$ 0

California ACA 001 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

7,333

^[4]

29,333

^[1],[4]

(16,179)

^[4]

4,097

^[4]

16,390

^[4]

20,487

^[4]

$ 0

California ACA 002 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

10,078

^[4]

40,312

^[1],[4]

(38,529)

^[4]

2,372

^[4]

9,489

^[4]

11,861

^[4]

$ 0

California ACA 003 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

7,654

^[4]

17,859

^[1],[4]

(20,530)

^[4]

2,296

^[4]

2,687

^[4]

4,983

^[4]

$ 0

Florida AFL 001 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,394

^[4]

24,206

^[1],[4]

(26,239)

^[4]

^[4]

329

^[4]

361

^[4]

$ 0

Florida AFL 002 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

6,540

15,260

^[1]

(827)

6,540

14,433

20,973

$ 0

Florida AFL003 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

30,900

30,900

^[1]

(55,614)

3,093

3,093

6,186

$ 0

Florida AFL004 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,963

^[4]

11,850

^[1],[4]

5,148

^[4]

3,992

^[4]

15,969

^[4]

19,961

^[4]

$ 0

Hawaii AHI 001 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

8,080

^[4]

12,120

^[1],[4]

(18,535)

^[4]

666

^[4]

999

^[4]

1,665

^[4]

$ 0

Hawaii AHI 003 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

3,483

^[4]

9,417

^[1],[4]

(10,090)

^[4]

759

^[4]

2,051

^[4]

2,810

^[4]

$ 0

Nevada ANZ 001 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

18,117

^[4]

106,829

^[1],[4]

(103,327)

^[4]

3,134

^[4]

18,485

^[4]

21,619

^[4]

$ 0

New Jersey ANJ 001 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

36,405

64,719

^[1]

(89,134)

4,316

7,674

11,990

$ 0

California MCA 001 [Member] | MIXED USE:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

5,869

^[4]

629

^[1],[4]

^[4]

5,870

^[4]

631

^[4]

6,501

^[4]

$ 44

Florida MFL 001 [Member] | MIXED USE:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

8,450

^[4]

8,216

^[1],[4]

(2,960)

^[4]

8,450

^[4]

5,256

^[4]

13,706

^[4]

$ 1,392

1,392

Georgia MGA 001 [Member] | MIXED USE:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

4,480

^[4]

17,916

^[1],[4]

1,981

^[4]

4,479

^[4]

19,897

^[4]

24,377

^[4]

$ 496

496

Pennsylvania APA 001 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

44,438

82,527

^[1]

(93,932)

11,562

21,471

33,033

$ 0

Pennsylvania APA 002 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

$ 0

15,890

29,510

^[1]

(6,106)

15,891

23,403

39,294

$ 0

Washington AWA 001 [Member] | APARTMENT/RESIDENTIAL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

2,342

^[4]

44,478

^[1],[4]

(40,189)

^[4]

333

^[4]

6,298

^[4]

6,631

^[4]

$ 0

Washington HWA 004 [Member] | HOTEL:

0 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

5,101

^[4]

32,080

^[1],[4]

(1,031)

^[4]

5,101

^[4]

31,049

^[4]

36,150

^[4]

12,580

$ 12,580

Utah HUT 001 [Member] | HOTEL:

40 years

Real Estate and Accumulated Depreciation [Line Items]

^[4]

$ 0

^[4]

5,620

^[4]

32,695

^[1],[4]

(1,058)

^[4]

5,620

^[4]

31,637

^[4]

37,257

^[4]

$ 12,964

Improvements and additions

40 years

[1]	Includes impairments and unit sales.
[2]	Includes $7.9 million relating to accumulated depreciation for real estate assets held for sale as of December 31, 2013.
[3]	The aggregate cost for Federal income tax purposes was approximately $3.86 billion at December 31, 2013.
[4]	Consists of properties pledged as collateral under the Company's secured credit facilities with a total book value of $1.43 billion.

Schedule III-Real Estate and Accumulated Depreciation (Reconciliation or Real Estate and Accumulated Depreciation) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Reconciliation of Real Estate

Balance at January 1

$ 3,763,310

$ 3,927,750

$ 3,672,966

126,664

111,760

43,671

Acquisitions through foreclosure

31,764

269,100

501,519

Other acquisitions

69,379

Dispositions

(388,906)

(510,504)

(269,761)

Impairments

(13,139)

(34,796)

(20,645)

Balance at December 31

3,589,072

^[1],[2]

3,763,310

3,927,750

Reconciliation of Accumulated Depreciation

Balance at January 1

(388,346)

(356,810)

(327,682)

Additions

(59,208)

(59,968)

(52,418)

Dispositions

15,180

28,432

23,290

Balance at December 31

$ (432,374)

^[1]

$ (388,346)

$ (356,810)

[1]	Includes $7.9 million relating to accumulated depreciation for real estate assets held for sale as of December 31, 2013.
[2]	The aggregate cost for Federal income tax purposes was approximately $3.86 billion at December 31, 2013.

Schedule IV-Mortgage Loans on Real Estate (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

^[2]

Dec. 31, 2011

^[2]

Dec. 31, 2010

$ 1,129,478

Asset specific reserves on impaired loans

^[3]

827,796

^[1],[2],[4]

$ 1,421,654

$ 2,449,554

$ 4,012,067

304,500

Senior Mortgages [Member]

1,068,784

^[1],[4]

767,117

Borrower A

92,446

Borrower A | Contractual Interest Accrual Rates

^[1],[4]

$ 92,518

3.30%

Borrower A | Contractual Interest Payment Rates

LIBOR

3.30%

LIBOR

Borrower B(3)

^[5]

$ 224,223

Delinquency period for a loan to be considered as non-performing and on non-accrual status

^[1],[4],[5]

77,427

$ 224,200

Borrower B(3) | Contractual Interest Accrual Rates

Borrower B(3) | Contractual Interest Payment Rates

17.00%

17.00%

Borrower C

$ 66,502

Borrower C | Contractual Interest Accrual Rates

^[1],[4]

$ 67,263

5.25%

Borrower C | Contractual Interest Payment Rates

LIBOR

5.25%

LIBOR

Borrower D(4)

^[6]

$ 65,931

^[1],[4],[6]

$ 64,497

Borrower D(4) | Minimum

Borrower D(4) | Contractual Interest Accrual Rates

3.88%

4.50%

Borrower D(4) | Contractual Interest Payment Rates

LIBOR

4.50%

LIBOR

Borrower E(5)

^[1],[4],[7]

3.50%

^[7]

$ 58,175

Borrower E(5) | Contractual Interest Accrual Rates

^[1],[4],[7]

$ 53,569

3.50%

Borrower E(5) | Contractual Interest Payment Rates

LIBOR

3.50%

LIBOR

Borrower F(6)

^[8]

$ 75,000

Delinquency period for a loan to be considered as non-performing and on non-accrual status

^[1],[4],[8]

30,808

$ 75,000

Borrower F(6) | Contractual Interest Accrual Rates

1.75%

Borrower F(6) | Contractual Interest Payment Rates

LIBOR

1.75%

LIBOR

Borrower G(7)

^[9]

$ 48,358

Delinquency period for a loan to be considered as non-performing and on non-accrual status

^[1],[4],[9]

26,553

$ 48,400

Borrower G(7) | Minimum

Borrower G(7) | Contractual Interest Accrual Rates

4.00%

3.00%

Borrower G(7) | Contractual Interest Payment Rates

LIBOR

3.00%

LIBOR

Borrower H

$ 26,414

Borrower H | Contractual Interest Accrual Rates

^[1],[4]

$ 26,450

Borrower H | Contractual Interest Payment Rates

8.00%

8.00%

Borrower I(8)

^[10]

$ 50,000

Delinquency period for a loan to be considered as non-performing and on non-accrual status

^[1],[4],[10]

26,231

$ 50,000

Principal amount of loan in default that is more than 90 days delinquent

90 days

Borrower I(8) | Contractual Interest Accrual Rates

5.58%

Borrower I(8) | Contractual Interest Payment Rates

LIBOR

5.58%

LIBOR

Borrower J

$ 26,043

Borrower J | Contractual Interest Accrual Rates

^[1],[4]

$ 26,092

Borrower J | Contractual Interest Payment Rates

8.00%

Senior mortgages individually 3%

5.00%

$ 335,692

Senior mortgages individually 3% | Contractual Interest Accrual Rates

^[1],[4]

$ 275,709

Fixed interest rate, low end of range (as a percent)

4.00%

Fixed interest rate, high end of range (as a percent)

13.00%

Senior mortgages individually 3% | Contractual Interest Accrual Rates | Minimum

1.50%

Senior mortgages individually 3% | Contractual Interest Accrual Rates | Maximum

LIBOR

7.00%

Senior mortgages individually 3% | Contractual Interest Payment Rates

LIBOR

Fixed interest rate, low end of range (as a percent)

4.00%

Fixed interest rate, high end of range (as a percent)

10.00%

Senior mortgages individually 3% | Contractual Interest Payment Rates | Minimum

0.50%

Senior mortgages individually 3% | Contractual Interest Payment Rates | Maximum

LIBOR

7.00%

LIBOR

Borrower K

$ 25,000

Borrower K | Contractual Interest Accrual Rates

^[1],[4]

$ 24,962

Borrower K | Contractual Interest Payment Rates

8.00%

8.00%

Subordinate Mortgages

$ 60,694

Subordinate mortgages individually 3%

^[1],[4]

60,679

35,694

Subordinate mortgages individually 3% | Contractual Interest Accrual Rates

^[1],[4]

$ 35,717

Fixed interest rate, low end of range (as a percent)

5.00%

Fixed interest rate, high end of range (as a percent)

14.00%

Subordinate mortgages individually 3% | Contractual Interest Payment Rates