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(Mark One)
|
|
ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the fiscal year ended December 31, 2014
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|
OR
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from to
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Maryland
(State or other jurisdiction of
incorporation or organization)
|
|
95-6881527
(I.R.S. Employer
Identification Number)
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1114 Avenue of the Americas, 39
th
Floor
New York, NY
(Address of principal executive offices)
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10036
(Zip code)
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Title of each class:
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Name of Exchange on which registered:
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Common Stock, $0.001 par value
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New York Stock Exchange
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8.000% Series D Cumulative Redeemable
Preferred Stock, $0.001 par value
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New York Stock Exchange
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7.875% Series E Cumulative Redeemable
Preferred Stock, $0.001 par value
|
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New York Stock Exchange
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7.8% Series F Cumulative Redeemable
Preferred Stock, $0.001 par value
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New York Stock Exchange
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7.65% Series G Cumulative Redeemable
Preferred Stock, $0.001 par value
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New York Stock Exchange
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7.50% Series I Cumulative Redeemable
Preferred Stock, $0.001 par value
|
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New York Stock Exchange
|
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Title of each class:
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Name of Exchange on which registered:
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4.50% Series J Convertible Perpetual
Preferred Stock, $0.001 par value |
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N/A
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a
smaller reporting company)
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Smaller reporting company
o
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(1)
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For purposes of this Annual Report only, includes all outstanding Common Stock other than Common Stock held directly by the registrant's directors and executive officers.
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1.
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Portions of the registrant's definitive proxy statement for the registrant's
2015
Annual Meeting, to be filed within 120 days after the close of the registrant's fiscal year, are incorporated by reference into Part III of this Annual Report on Form 10-K.
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Page
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||
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||
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||
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•
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Targeting the origination of custom-tailored mortgage, corporate and lease financings where customers require flexible financial solutions and "one-call" responsiveness post-closing;
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•
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Avoiding commodity businesses where there is significant direct competition from other providers of capital;
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•
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Developing direct relationships with borrowers and corporate customers in addition to sourcing transactions through intermediaries;
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•
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Adding value beyond simply providing capital by offering borrowers and corporate customers specific lending expertise, flexibility, certainty of closing and continuing relationships beyond the closing of a particular financing transaction;
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•
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Taking advantage of market anomalies in the real estate financing markets when, in the Company's view, credit is mispriced by other providers of capital; and
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•
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Evaluating relative risk adjusted returns across multiple investment markets.
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Property/Collateral Types
|
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Real Estate Finance
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Net Lease
|
|
Operating Properties
|
|
Land
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Total
|
|
% of
Total |
|||||||||||
Office / Industrial
|
|
$
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158,544
|
|
|
$
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909,249
|
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$
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323,720
|
|
|
$
|
—
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$
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1,391,513
|
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26.7
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%
|
Land
|
|
33,081
|
|
|
—
|
|
|
—
|
|
|
1,093,484
|
|
|
1,126,565
|
|
|
21.7
|
%
|
|||||
Mixed Use / Mixed Collateral
|
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432,801
|
|
|
—
|
|
|
244,996
|
|
|
—
|
|
|
677,797
|
|
|
13.0
|
%
|
|||||
Entertainment / Leisure
|
|
—
|
|
|
570,205
|
|
|
—
|
|
|
—
|
|
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570,205
|
|
|
11.0
|
%
|
|||||
Hotel
|
|
262,448
|
|
|
136,080
|
|
|
54,041
|
|
|
—
|
|
|
452,569
|
|
|
8.7
|
%
|
|||||
Other Property Types
|
|
296,115
|
|
|
9,482
|
|
|
—
|
|
|
—
|
|
|
305,597
|
|
|
5.9
|
%
|
|||||
Retail
|
|
115,557
|
|
|
57,348
|
|
|
121,194
|
|
|
—
|
|
|
294,099
|
|
|
5.7
|
%
|
|||||
Condominium
|
|
112,797
|
|
|
—
|
|
|
156,481
|
|
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—
|
|
|
269,278
|
|
|
5.2
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%
|
|||||
Strategic Investments
|
|
—
|
|
|
—
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|
|
—
|
|
|
—
|
|
|
109,384
|
|
|
2.1
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%
|
|||||
Total
|
|
$
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1,411,343
|
|
|
$
|
1,682,364
|
|
|
$
|
900,432
|
|
|
$
|
1,093,484
|
|
|
$
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5,197,007
|
|
|
100.0
|
%
|
Geographic Region
|
|
Real Estate Finance
|
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Net Lease
|
|
Operating Properties
|
|
Land
|
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Total
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% of
Total |
|||||||||||
Northeast
|
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$
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643,940
|
|
|
$
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385,782
|
|
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$
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144,058
|
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$
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193,414
|
|
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$
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1,367,194
|
|
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26.3
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%
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West
|
|
79,736
|
|
|
426,323
|
|
|
95,752
|
|
|
397,347
|
|
|
999,158
|
|
|
19.2
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%
|
|||||
Mid-Atlantic
|
|
319,962
|
|
|
143,165
|
|
|
132,824
|
|
|
194,175
|
|
|
790,126
|
|
|
15.2
|
%
|
|||||
Southeast
|
|
79,449
|
|
|
255,320
|
|
|
287,632
|
|
|
140,318
|
|
|
762,719
|
|
|
14.7
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%
|
|||||
Southwest
|
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129,403
|
|
|
234,256
|
|
|
186,305
|
|
|
144,211
|
|
|
694,175
|
|
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13.4
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%
|
|||||
Central
|
|
101,948
|
|
|
92,916
|
|
|
51,744
|
|
|
9,362
|
|
|
255,970
|
|
|
4.9
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%
|
|||||
Various
|
|
27,149
|
|
|
142,574
|
|
|
2,117
|
|
|
14,657
|
|
|
186,497
|
|
|
3.6
|
%
|
|||||
Strategic Investments(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
109,384
|
|
|
2.1
|
%
|
|||||
International(2)
|
|
29,756
|
|
|
2,028
|
|
|
—
|
|
|
—
|
|
|
31,784
|
|
|
0.6
|
%
|
|||||
Total
|
|
$
|
1,411,343
|
|
|
$
|
1,682,364
|
|
|
$
|
900,432
|
|
|
$
|
1,093,484
|
|
|
$
|
5,197,007
|
|
|
100.0
|
%
|
(1)
|
Based on the carrying value of our total investment portfolio gross of accumulated depreciation and general loan loss reserves.
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(2)
|
Strategic investments include
$15.4 million
of international assets. Combined, international and strategic investments include
$25.5 million
of European assets, including
$15.0 million
in the United Kingdom and
$10.5 million
in Germany.
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|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land
|
|
Corporate / Other(1)
|
|
Total
|
||||||||||||
Real estate, at cost
|
$
|
—
|
|
|
$
|
1,552,483
|
|
|
$
|
724,430
|
|
|
$
|
868,650
|
|
|
$
|
—
|
|
|
$
|
3,145,563
|
|
Less: accumulated depreciation
|
—
|
|
|
(364,323
|
)
|
|
(96,159
|
)
|
|
(8,367
|
)
|
|
—
|
|
|
(468,849
|
)
|
||||||
Real estate, net
|
—
|
|
|
1,188,160
|
|
|
628,271
|
|
|
860,283
|
|
|
—
|
|
|
2,676,714
|
|
||||||
Real estate available and held for sale
|
—
|
|
|
4,521
|
|
|
162,782
|
|
|
118,679
|
|
|
—
|
|
|
285,982
|
|
||||||
Total real estate
|
—
|
|
|
1,192,681
|
|
|
791,053
|
|
|
978,962
|
|
|
—
|
|
|
2,962,696
|
|
||||||
Loans receivable and other lending investments, net
|
1,377,843
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,377,843
|
|
||||||
Other investments
|
—
|
|
|
125,360
|
|
|
13,220
|
|
|
106,155
|
|
|
109,384
|
|
|
354,119
|
|
||||||
Total portfolio assets
|
$
|
1,377,843
|
|
|
$
|
1,318,041
|
|
|
$
|
804,273
|
|
|
$
|
1,085,117
|
|
|
$
|
109,384
|
|
|
$
|
4,694,658
|
|
(1)
|
Corporate/Other includes certain equity investments that are not included in a reportable segment. See Item 8—"Financial Statements and Supplemental Data—Note 6" for further detail on these investments.
|
|
As of December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
Total
|
|
% of Total
|
|
Total
|
|
% of Total
|
||||||
Performing loans(1):
|
|
|
|
|
|
|
|
||||||
Senior mortgages
|
$
|
608,048
|
|
|
43.1
|
%
|
|
$
|
563,513
|
|
|
40.3
|
%
|
Subordinate mortgages
|
53,331
|
|
|
3.8
|
%
|
|
60,679
|
|
|
4.3
|
%
|
||
Corporate/partnership loans
|
497,246
|
|
|
35.2
|
%
|
|
429,586
|
|
|
30.7
|
%
|
||
Subtotal
|
1,158,625
|
|
|
82.1
|
%
|
|
1,053,778
|
|
|
75.3
|
%
|
||
Non-performing loans(1):
|
|
|
|
|
|
|
|
||||||
Senior mortgages
|
65,047
|
|
|
4.6
|
%
|
|
203,604
|
|
|
14.6
|
%
|
||
Total carrying value of loans
|
1,223,672
|
|
|
86.7
|
%
|
|
1,257,382
|
|
|
89.9
|
%
|
||
Other lending investments—securities
|
187,671
|
|
|
13.3
|
%
|
|
141,927
|
|
|
10.1
|
%
|
||
Total carrying value
|
1,411,343
|
|
|
100.0
|
%
|
|
1,399,309
|
|
|
100.0
|
%
|
||
General reserve for loan losses
|
(33,500
|
)
|
|
|
|
(29,200
|
)
|
|
|
|
|||
Total loans receivable and other lending investments, net
|
$
|
1,377,843
|
|
|
|
|
|
$
|
1,370,109
|
|
|
|
|
(1)
|
Performing and non-performing loans are presented net of asset-specific loan loss reserves of
$0.8 million
and
$64.2 million
, respectively, as of
December 31, 2014
and
$31.0 million
and
$317.0 million
, respectively, as of
December 31, 2013
. See Item 8—"Financial Statements and Supplemental Data—Note 3" for a discussion of the Company's policies regarding non-performing loans and reserves for loan losses.
|
|
|
As of December 31,
|
||||||||||||||||||
|
|
2014
|
|
2013
|
||||||||||||||||
|
|
Carrying
Value
|
|
%
of Total
|
|
Weighted
Average
Accrual Rate
|
|
Carrying
Value
|
|
%
of Total
|
|
Weighted
Average
Accrual Rate
|
||||||||
Fixed-rate loans and other lending investments
|
|
$
|
751,590
|
|
|
53.3
|
%
|
|
10.2
|
%
|
|
$
|
811,128
|
|
|
58.0
|
%
|
|
9.3
|
%
|
Variable-rate loans(1)
|
|
594,706
|
|
|
42.1
|
%
|
|
6.7
|
%
|
|
384,577
|
|
|
27.4
|
%
|
|
6.2
|
%
|
||
Non-performing loans(2)
|
|
65,047
|
|
|
4.6
|
%
|
|
N/A
|
|
|
203,604
|
|
|
14.6
|
%
|
|
N/A
|
|
||
Total carrying value
|
|
1,411,343
|
|
|
100.0
|
%
|
|
|
|
1,399,309
|
|
|
100.0
|
%
|
|
|
|
|||
General reserve for loan losses
|
|
(33,500
|
)
|
|
|
|
|
|
(29,200
|
)
|
|
|
|
|
|
|
||||
Total loans receivable and other lending investments, net
|
|
$
|
1,377,843
|
|
|
|
|
|
|
$
|
1,370,109
|
|
|
|
|
|
|
|
(1)
|
As of
December 31, 2014
and
2013
, includes
$282.5 million
and
$117.9 million
, respectively, of loans with a weighted average interest rate floor of
0.4%
and
3.2%
, respectively.
|
(2)
|
Performing and non-performing loans are presented net of asset-specific loan loss reserves of
$0.8 million
and
$64.2 million
, respectively, as of
December 31, 2014
, and
$31.0 million
and
$317.0 million
, respectively, as of
December 31, 2013
.
|
Year of Maturity
|
|
Number of
Loans
Maturing
|
|
Carrying
Value
|
|
%
of Total
|
||||
2015
|
|
10
|
|
|
$
|
191,713
|
|
|
13.5
|
%
|
2016
|
|
7
|
|
|
352,040
|
|
|
24.9
|
%
|
|
2017
|
|
11
|
|
|
510,451
|
|
|
36.2
|
%
|
|
2018
|
|
7
|
|
|
48,958
|
|
|
3.5
|
%
|
|
2019
|
|
3
|
|
|
23,585
|
|
|
1.7
|
%
|
|
2020 and thereafter
|
|
6
|
|
|
219,549
|
|
|
15.6
|
%
|
|
Total performing loans and other lending investments
|
|
44
|
|
|
$
|
1,346,296
|
|
|
95.4
|
%
|
Non-performing loans
|
|
5
|
|
|
65,047
|
|
|
4.6
|
%
|
|
Total carrying value
|
|
49
|
|
|
$
|
1,411,343
|
|
|
100.0
|
%
|
General reserve for loan losses
|
|
|
|
|
(33,500
|
)
|
|
|
|
|
Total loans receivable and other lending investments, net
|
|
|
|
|
$
|
1,377,843
|
|
|
|
|
(1)
|
Performing and non-performing loans are presented net of asset-specific loan loss reserves of
$0.8 million
and
$64.2 million
, respectively.
|
|
|
As of December 31,
|
||||||
|
|
2014
|
|
2013
|
||||
Real estate, at cost
|
|
$
|
1,552,483
|
|
|
$
|
1,696,888
|
|
Less: accumulated depreciation
|
|
(364,323
|
)
|
|
(338,640
|
)
|
||
Real estate, net
|
|
1,188,160
|
|
|
1,358,248
|
|
||
Real estate available and held for sale
|
|
4,521
|
|
|
—
|
|
||
Other investments
|
|
125,360
|
|
|
16,408
|
|
||
Total
|
|
$
|
1,318,041
|
|
|
$
|
1,374,656
|
|
Year of Lease Expiration
|
|
Number of
Leases Expiring |
|
Annualized In-Place
Operating Lease Income |
|
% of In-Place
Operating Lease Income |
|
% of Total
Revenue(1) |
|
Square Feet of Leases Expiring (in thousands)
|
||||||
2015
|
|
3
|
|
|
$
|
2,681
|
|
|
1.8
|
%
|
|
0.6
|
%
|
|
267
|
|
2016
|
|
4
|
|
|
5,966
|
|
|
4.1
|
%
|
|
1.4
|
%
|
|
478
|
|
|
2017
|
|
4
|
|
|
4,946
|
|
|
3.4
|
%
|
|
1.1
|
%
|
|
344
|
|
|
2018
|
|
6
|
|
|
4,294
|
|
|
3.0
|
%
|
|
1.0
|
%
|
|
317
|
|
|
2019
|
|
3
|
|
|
1,076
|
|
|
0.7
|
%
|
|
0.2
|
%
|
|
95
|
|
|
2020
|
|
4
|
|
|
3,994
|
|
|
2.7
|
%
|
|
0.9
|
%
|
|
368
|
|
|
2021
|
|
4
|
|
|
5,025
|
|
|
3.5
|
%
|
|
1.1
|
%
|
|
250
|
|
|
2022
|
|
2
|
|
|
9,071
|
|
|
6.2
|
%
|
|
2.1
|
%
|
|
535
|
|
|
2023
|
|
3
|
|
|
5,415
|
|
|
3.7
|
%
|
|
1.2
|
%
|
|
205
|
|
|
2024
|
|
4
|
|
|
33,129
|
|
|
22.7
|
%
|
|
7.6
|
%
|
|
6,621
|
|
|
2025 and thereafter
|
|
16
|
|
|
70,357
|
|
|
48.2
|
%
|
|
16.0
|
%
|
|
8,434
|
|
|
Total
|
|
53
|
|
|
$
|
145,954
|
|
|
100.0
|
%
|
|
33.2
|
%
|
|
|
|
Weighted average remaining lease term
|
|
11.6 years
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects the percentage of annualized GAAP operating lease income for leases in-place as a percentage of annualized total revenue.
|
|
|
Commercial
|
|
Residential
|
||||||||||||
|
|
As of December 31,
|
|
As of December 31,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Real estate, at cost
|
|
$
|
724,430
|
|
|
$
|
720,508
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Less: accumulated depreciation and amortization
|
|
(96,159
|
)
|
|
(82,420
|
)
|
|
—
|
|
|
—
|
|
||||
Real estate, net
|
|
$
|
628,271
|
|
|
$
|
638,088
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Real estate available and held for sale
|
|
6,989
|
|
|
7,300
|
|
|
155,793
|
|
|
221,028
|
|
||||
Other investments
|
|
12,532
|
|
|
13,809
|
|
|
688
|
|
|
2,223
|
|
||||
Total portfolio assets
|
|
$
|
647,792
|
|
|
$
|
659,197
|
|
|
$
|
156,481
|
|
|
$
|
223,251
|
|
Year of Lease Expiration
|
|
Number of
Leases Expiring |
|
Annualized In-Place
Operating Lease Income |
|
% of In-Place
Operating Lease Income |
|
% of Total
Revenue(1) |
|
Square Feet of Leases Expiring (in thousands)
|
||||
2015
|
|
155
|
|
|
6,196
|
|
|
9.7
|
%
|
|
1.4
|
%
|
|
324
|
2016
|
|
45
|
|
|
3,330
|
|
|
5.2
|
%
|
|
0.8
|
%
|
|
381
|
2017
|
|
52
|
|
|
5,515
|
|
|
8.7
|
%
|
|
1.3
|
%
|
|
269
|
2018
|
|
50
|
|
|
6,678
|
|
|
10.5
|
%
|
|
1.5
|
%
|
|
422
|
2019
|
|
46
|
|
|
6,521
|
|
|
10.2
|
%
|
|
1.5
|
%
|
|
213
|
2020
|
|
27
|
|
|
5,139
|
|
|
8.1
|
%
|
|
1.2
|
%
|
|
196
|
2021
|
|
27
|
|
|
5,464
|
|
|
8.6
|
%
|
|
1.2
|
%
|
|
471
|
2022
|
|
21
|
|
|
3,821
|
|
|
6.0
|
%
|
|
0.9
|
%
|
|
153
|
2023
|
|
15
|
|
|
5,749
|
|
|
9.0
|
%
|
|
1.3
|
%
|
|
268
|
2024
|
|
19
|
|
|
3,255
|
|
|
5.1
|
%
|
|
0.7
|
%
|
|
226
|
2025 and thereafter
|
|
41
|
|
|
12,036
|
|
|
18.9
|
%
|
|
2.7
|
%
|
|
404
|
Total
|
|
498
|
|
|
63,704
|
|
|
100.0
|
%
|
|
14.5
|
%
|
|
|
Weighted average remaining lease term
|
|
6.3 years
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects the percentage of annualized GAAP operating lease income for leases in-place as a percentage of annualized total revenue.
|
|
|
As of December 31,
|
||||||
|
|
2014
|
|
2013
|
||||
Real estate, net
|
|
$
|
860,283
|
|
|
$
|
799,845
|
|
Real estate available and held for sale
|
|
118,679
|
|
|
132,189
|
|
||
Other investments
|
|
106,155
|
|
|
29,765
|
|
||
Total
|
|
$
|
1,085,117
|
|
|
$
|
961,799
|
|
(1)
|
Anticipated completion dates are subject to change as a result of factors that may be outside of the Company's control, such as uncertainty with rezoning, obtaining governmental permits and approvals, concerns of community associations and reliance on third party contractors.
|
(2)
|
Estimated remaining entitled units may include single-family lots, condos, multifamily rental units and hotel keys, as applicable, for the respective properties.
|
(3)
|
These land projects are accounted under the equity method of accounting. Revenue represents the gross share of revenues from the sale of units, which is reflected in earnings from equity method investments. During the year ended December 31, 2014, the Company recognized earnings from equity method investments of $14.7 million for Marina Palms and $0.2 million for Spring Mountain Ranch Phase 1.
|
(4)
|
Sales activity resulted in the venture receiving non-refundable deposits on
332
units under contract as of December 31, 2014.
|
•
|
We must incur costs to carry these assets and in some cases make repairs to defects in construction, make improvements to, or complete the assets, which requires additional liquidity and results in additional expenses that could exceed our original estimates and impact our operating results.
|
•
|
Real estate projects are not liquid and, to the extent we need to raise liquidity through asset sales, we may be limited in our ability to sell these assets in a short-time frame.
|
•
|
Uncertainty associated with rezoning, obtaining governmental permits and approvals, concerns of community associations, reliance on third party contractors, increasing commodity costs and threatened or pending litigation may materially delay our completion of rehabilitation and development activities and materially increase their cost to us.
|
•
|
The values of our real estate investments are subject to a number of factors outside of our control, including changes in the general economic climate, changes in interest rates and the availability of attractive financing, over-building or decreasing demand in the markets where we own assets, and changes in law and governmental regulations.
|
|
|
2014
|
|
2013
|
||||||||||||
Quarter Ended
|
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||
December 31
|
|
$
|
14.60
|
|
|
$
|
12.30
|
|
|
$
|
14.65
|
|
|
$
|
11.57
|
|
September 30
|
|
$
|
15.27
|
|
|
$
|
13.26
|
|
|
$
|
12.25
|
|
|
$
|
10.20
|
|
June 30
|
|
$
|
15.19
|
|
|
$
|
13.94
|
|
|
$
|
12.55
|
|
|
$
|
9.99
|
|
March 31
|
|
$
|
15.91
|
|
|
$
|
13.79
|
|
|
$
|
11.00
|
|
|
$
|
8.26
|
|
(1)
|
Restricted Stock—The amount shown in column (a) includes
319,916
unvested restricted stock units which may vest in the future based on the employees' continued service to the Company. None of these unvested units are included in the Company's outstanding share balance (see Item 8—"Financial Statements and Supplemental Data—Note 12" for a more detailed description of the Company's restricted stock grants). Substantially all of the restricted stock units included in column (a) are required to be settled on a net, after-tax basis (after deducting shares for minimum required statutory withholdings); therefore, the actual number of shares issued will be less than the gross amount of the awards. The amounts shown in column (a) also includes
278,471
of common stock equivalents and restricted stock awarded to our non-employee directors in consideration of their service to the Company as directors. Common stock equivalents represent rights to receive shares of Common Stock at the date the common stock equivalents are settled. Common stock equivalents have dividend equivalent rights beginning on the date of grant. The amount in column (c) represents the aggregate amount of stock options, shares of restricted stock awards or other performance awards that could be granted under compensation plans approved by the Company's security holders after giving effect to previously issued awards of stock options, shares of restricted stock and other performance awards (see Item 8—"Financial Statements and Supplemental Data—Note 12" for a more detailed description of the Company's Long-Term Incentive Plans).
|
(2)
|
The amount shown in column (a) does not include a currently indeterminable number of shares that may be issued upon the satisfaction of performance and vesting conditions of awards made under the Company's 2013 Performance Incentive Plan ("iPIP") approved by shareholders. In no event may the number of shares issued exceed the amount available in column (c) unless shareholders authorize additional shares (see Item 8—"Financial Statements and Supplemental Data—Note 12" for a more detailed description of iPIP.)
|
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
|
(In thousands, except per share data and ratios)
|
||||||||||||||||||
OPERATING DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating lease income
|
|
$
|
243,100
|
|
|
$
|
234,567
|
|
|
$
|
216,291
|
|
|
$
|
195,872
|
|
|
$
|
183,443
|
|
Interest income
|
|
122,704
|
|
|
108,015
|
|
|
133,410
|
|
|
226,871
|
|
|
364,094
|
|
|||||
Other income
|
|
81,033
|
|
|
48,208
|
|
|
47,838
|
|
|
39,722
|
|
|
51,069
|
|
|||||
Land sales revenue
|
|
15,191
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total revenue
|
|
462,028
|
|
|
390,790
|
|
|
397,539
|
|
|
462,465
|
|
|
598,606
|
|
|||||
Interest expense
|
|
224,483
|
|
|
266,225
|
|
|
355,097
|
|
|
342,186
|
|
|
313,766
|
|
|||||
Real estate expense
|
|
163,389
|
|
|
157,441
|
|
|
151,458
|
|
|
138,714
|
|
|
121,036
|
|
|||||
Land cost of sales
|
|
12,840
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Depreciation and amortization
|
|
73,571
|
|
|
71,266
|
|
|
68,770
|
|
|
58,091
|
|
|
56,668
|
|
|||||
General and administrative
|
|
88,806
|
|
|
92,114
|
|
|
80,856
|
|
|
105,039
|
|
|
109,526
|
|
|||||
Provision for (recovery of) loan losses
|
|
(1,714
|
)
|
|
5,489
|
|
|
81,740
|
|
|
46,412
|
|
|
331,487
|
|
|||||
Impairment of assets
|
|
34,634
|
|
|
12,589
|
|
|
13,778
|
|
|
13,239
|
|
|
12,809
|
|
|||||
Other expense
|
|
5,821
|
|
|
8,050
|
|
|
17,266
|
|
|
11,070
|
|
|
16,055
|
|
|||||
Total costs and expenses
|
|
601,830
|
|
|
613,174
|
|
|
768,965
|
|
|
714,751
|
|
|
961,347
|
|
|||||
Income (loss) before earnings from equity method investments and other items
|
|
(139,802
|
)
|
|
(222,384
|
)
|
|
(371,426
|
)
|
|
(252,286
|
)
|
|
(362,741
|
)
|
|||||
Gain (loss) on early extinguishment of debt, net
|
|
(25,369
|
)
|
|
(33,190
|
)
|
|
(37,816
|
)
|
|
101,466
|
|
|
108,923
|
|
|||||
Earnings from equity method investments
|
|
94,905
|
|
|
41,520
|
|
|
103,009
|
|
|
95,091
|
|
|
51,908
|
|
|||||
Loss on transfer of interest to unconsolidated subsidiary
|
|
—
|
|
|
(7,373
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) from continuing operations before income taxes
|
|
(70,266
|
)
|
|
(221,427
|
)
|
|
(306,233
|
)
|
|
(55,729
|
)
|
|
(201,910
|
)
|
|||||
Income tax (expense) benefit
|
|
(3,912
|
)
|
|
659
|
|
|
(8,445
|
)
|
|
4,719
|
|
|
(7,023
|
)
|
|||||
Income (loss) from continuing operations
|
|
(74,178
|
)
|
|
(220,768
|
)
|
|
(314,678
|
)
|
|
(51,010
|
)
|
|
(208,933
|
)
|
|||||
Income (loss) from discontinued operations
|
|
—
|
|
|
644
|
|
|
(17,481
|
)
|
|
(5,514
|
)
|
|
18,757
|
|
|||||
Gain from discontinued operations
|
|
—
|
|
|
22,233
|
|
|
27,257
|
|
|
25,110
|
|
|
270,382
|
|
|||||
Income from sales of real estate
|
|
89,943
|
|
|
86,658
|
|
|
63,472
|
|
|
5,721
|
|
|
—
|
|
|||||
Net income (loss)
|
|
15,765
|
|
|
(111,233
|
)
|
|
(241,430
|
)
|
|
(25,693
|
)
|
|
80,206
|
|
|||||
Net (income) loss attributable to noncontrolling interests
|
|
704
|
|
|
(718
|
)
|
|
1,500
|
|
|
3,629
|
|
|
(523
|
)
|
|||||
Net income (loss) attributable to iStar Financial Inc.
|
|
16,469
|
|
|
(111,951
|
)
|
|
(239,930
|
)
|
|
(22,064
|
)
|
|
79,683
|
|
|||||
Preferred dividends
|
|
(51,320
|
)
|
|
(49,020
|
)
|
|
(42,320
|
)
|
|
(42,320
|
)
|
|
(42,320
|
)
|
|||||
Net (income) loss allocable to HPU holders and Participating Security holders(1)
|
|
1,129
|
|
|
5,202
|
|
|
9,253
|
|
|
1,997
|
|
|
(1,084
|
)
|
|||||
Net income (loss) allocable to common shareholders
|
|
$
|
(33,722
|
)
|
|
$
|
(155,769
|
)
|
|
$
|
(272,997
|
)
|
|
$
|
(62,387
|
)
|
|
$
|
36,279
|
|
Per common share data(2):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) attributable to iStar Financial Inc. from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted
|
|
$
|
(0.40
|
)
|
|
$
|
(2.09
|
)
|
|
$
|
(3.37
|
)
|
|
$
|
(0.91
|
)
|
|
$
|
(2.62
|
)
|
Net income (loss) attributable to iStar Financial Inc.:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted
|
|
$
|
(0.40
|
)
|
|
$
|
(1.83
|
)
|
|
$
|
(3.26
|
)
|
|
$
|
(0.70
|
)
|
|
$
|
0.39
|
|
Per HPU share data(2):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) attributable to iStar Financial Inc. from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted
|
|
$
|
(75.27
|
)
|
|
$
|
(396.07
|
)
|
|
$
|
(638.27
|
)
|
|
$
|
(173.66
|
)
|
|
$
|
(497.13
|
)
|
Net income (loss) attributable to iStar Financial Inc.:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted
|
|
$
|
(75.27
|
)
|
|
$
|
(346.80
|
)
|
|
$
|
(616.87
|
)
|
|
$
|
(133.13
|
)
|
|
$
|
72.27
|
|
Dividends declared per common share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
|
(In thousands, except per share data and ratios)
|
||||||||||||||||||
SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Income(3)
|
|
$
|
109,377
|
|
|
$
|
(21,677
|
)
|
|
$
|
(53,847
|
)
|
|
$
|
(3,316
|
)
|
|
$
|
360,525
|
|
Adjusted EBITDA(3)
|
|
398,717
|
|
|
298,833
|
|
|
349,754
|
|
|
376,464
|
|
|
767,663
|
|
|||||
Ratio of Adjusted EBITDA to interest expense and preferred dividends(3)
|
|
1.4x
|
|
|
0.9x
|
|
|
0.9x
|
|
|
1.0x
|
|
|
2.0x
|
|
|||||
Ratio of earnings to fixed charges(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Ratio of earnings to fixed charges and preferred dividends(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Weighted average common shares outstanding—basic and diluted
|
|
85,031
|
|
|
84,990
|
|
|
83,742
|
|
|
88,688
|
|
|
93,244
|
|
|||||
Weighted average HPU shares outstanding—basic and diluted
|
|
15
|
|
|
15
|
|
|
15
|
|
|
15
|
|
|
15
|
|
|||||
Cash flows from:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating activities
|
|
$
|
(10,342
|
)
|
|
$
|
(180,465
|
)
|
|
$
|
(191,932
|
)
|
|
$
|
(28,577
|
)
|
|
$
|
(45,883
|
)
|
Investing activities
|
|
159,793
|
|
|
893,447
|
|
|
1,267,047
|
|
|
1,461,257
|
|
|
3,738,823
|
|
|||||
Financing activities
|
|
(190,958
|
)
|
|
(455,758
|
)
|
|
(1,175,597
|
)
|
|
(1,580,719
|
)
|
|
(3,412,707
|
)
|
|
|
As of December 31,
|
||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
BALANCE SHEET DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate, net
|
|
$
|
2,676,714
|
|
|
$
|
2,796,181
|
|
|
$
|
2,739,099
|
|
|
$
|
2,893,482
|
|
|
$
|
2,599,203
|
|
Real estate available and held for sale
|
|
285,982
|
|
|
360,517
|
|
|
635,865
|
|
|
677,458
|
|
|
746,081
|
|
|||||
Loans receivable and other lending investments, net
|
|
1,377,843
|
|
|
1,370,109
|
|
|
1,829,985
|
|
|
2,860,762
|
|
|
4,587,352
|
|
|||||
Total assets
|
|
5,463,133
|
|
|
5,642,011
|
|
|
6,159,999
|
|
|
7,523,083
|
|
|
9,175,681
|
|
|||||
Debt obligations, net
|
|
4,022,684
|
|
|
4,158,125
|
|
|
4,691,494
|
|
|
5,837,540
|
|
|
7,345,433
|
|
|||||
Total equity
|
|
1,248,348
|
|
|
1,301,465
|
|
|
1,313,154
|
|
|
1,573,604
|
|
|
1,694,659
|
|
(1)
|
HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program. 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.
|
(2)
|
See Item 8—"Financial Statements and Supplemental Data—Note 13."
|
(3)
|
Adjusted income and Adjusted EBITDA should be examined in conjunction with net income (loss) as shown in our Consolidated Statements of Operations. Adjusted income and Adjusted EBITDA should not be considered as an alternative to net income (loss) (determined in accordance with GAAP), as an indicator of our performance, or to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor are Adjusted income and Adjusted EBITDA indicative of funds available to fund our cash needs or available for distribution to shareholders. Rather, Adjusted income and Adjusted EBITDA are additional measures for us to use to analyze how our business is performing. It should be noted that our manner of calculating Adjusted income and Adjusted EBITDA may differ from the calculations of similarly-titled measures by other companies. See computation of Adjusted income and Adjusted EBITDA on pages 34 and 35.
|
(4)
|
This ratio of earnings to fixed charges is calculated in accordance with SEC Regulation S-K Item 503. The Company's unsecured debt securities have a fixed charge coverage covenant which is calculated differently in accordance with the terms of the agreements governing such securities. For the years ended
December 31, 2014
,
2013
,
2012
,
2011
and
2010
, earnings were not sufficient to cover fixed charges by
$89,948
,
$240,912
,
$305,450
,
$65,842
and
$221,634
, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by
$141,268
,
$289,932
,
$347,770
,
$108,162
and
$263,954
, respectively.
|
|
For the Years Ended
December 31, |
|
|
|
|
|||||||||
|
2014
|
|
2013
|
|
$ Change
|
|
% Change
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Operating lease income
|
$
|
243,100
|
|
|
$
|
234,567
|
|
|
$
|
8,533
|
|
|
4
|
%
|
Interest income
|
122,704
|
|
|
108,015
|
|
|
14,689
|
|
|
14
|
%
|
|||
Other income
|
81,033
|
|
|
48,208
|
|
|
32,825
|
|
|
68
|
%
|
|||
Land sales revenue
|
15,191
|
|
|
—
|
|
|
15,191
|
|
|
100
|
%
|
|||
Total revenue
|
462,028
|
|
|
390,790
|
|
|
71,238
|
|
|
18
|
%
|
|||
Interest expense
|
224,483
|
|
|
266,225
|
|
|
(41,742
|
)
|
|
(16
|
)%
|
|||
Real estate expenses
|
163,389
|
|
|
157,441
|
|
|
5,948
|
|
|
4
|
%
|
|||
Cost of land sales
|
12,840
|
|
|
—
|
|
|
12,840
|
|
|
100
|
%
|
|||
Depreciation and amortization
|
73,571
|
|
|
71,266
|
|
|
2,305
|
|
|
3
|
%
|
|||
General and administrative
|
88,806
|
|
|
92,114
|
|
|
(3,308
|
)
|
|
(4
|
)%
|
|||
Provision for (recovery of) loan losses
|
(1,714
|
)
|
|
5,489
|
|
|
(7,203
|
)
|
|
>(100)%
|
|
|||
Impairment of assets
|
34,634
|
|
|
12,589
|
|
|
22,045
|
|
|
>100%
|
|
|||
Other expense
|
5,821
|
|
|
8,050
|
|
|
(2,229
|
)
|
|
(28
|
)%
|
|||
Total costs and expenses
|
601,830
|
|
|
613,174
|
|
|
(11,344
|
)
|
|
(2
|
)%
|
|||
Loss on early extinguishment of debt, net
|
(25,369
|
)
|
|
(33,190
|
)
|
|
7,821
|
|
|
24
|
%
|
|||
Earnings from equity method investments
|
94,905
|
|
|
41,520
|
|
|
53,385
|
|
|
>100%
|
|
|||
Loss on transfer of interest to unconsolidated subsidiary
|
—
|
|
|
(7,373
|
)
|
|
7,373
|
|
|
100
|
%
|
|||
Income tax (expense) benefit
|
(3,912
|
)
|
|
659
|
|
|
(4,571
|
)
|
|
>(100)%
|
|
|||
Income (loss) from discontinued operations
|
—
|
|
|
644
|
|
|
(644
|
)
|
|
(100
|
)%
|
|||
Gain from discontinued operations
|
—
|
|
|
22,233
|
|
|
(22,233
|
)
|
|
(100
|
)%
|
|||
Income from sales of real estate
|
89,943
|
|
|
86,658
|
|
|
3,285
|
|
|
4
|
%
|
|||
Net income (loss)
|
$
|
15,765
|
|
|
$
|
(111,233
|
)
|
|
$
|
126,998
|
|
|
>100%
|
|
|
For the Years Ended
December 31, |
|
|
|
|
|||||||||
|
2013
|
|
2012
|
|
$ Change
|
|
% Change
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Operating lease income
|
$
|
234,567
|
|
|
$
|
216,291
|
|
|
$
|
18,276
|
|
|
8
|
%
|
Interest income
|
108,015
|
|
|
133,410
|
|
|
(25,395
|
)
|
|
(19
|
)%
|
|||
Other income
|
48,208
|
|
|
47,838
|
|
|
370
|
|
|
1
|
%
|
|||
Total revenue
|
390,790
|
|
|
397,539
|
|
|
(6,749
|
)
|
|
(2
|
)%
|
|||
Interest expense
|
266,225
|
|
|
355,097
|
|
|
(88,872
|
)
|
|
(25
|
)%
|
|||
Real estate expenses
|
157,441
|
|
|
151,458
|
|
|
5,983
|
|
|
4
|
%
|
|||
Depreciation and amortization
|
71,266
|
|
|
68,770
|
|
|
2,496
|
|
|
4
|
%
|
|||
General and administrative
|
92,114
|
|
|
80,856
|
|
|
11,258
|
|
|
14
|
%
|
|||
Provision for loan losses
|
5,489
|
|
|
81,740
|
|
|
(76,251
|
)
|
|
(93
|
)%
|
|||
Impairment of assets
|
12,589
|
|
|
13,778
|
|
|
(1,189
|
)
|
|
(9
|
)%
|
|||
Other expense
|
8,050
|
|
|
17,266
|
|
|
(9,216
|
)
|
|
(53
|
)%
|
|||
Total costs and expenses
|
613,174
|
|
|
768,965
|
|
|
(155,791
|
)
|
|
(20
|
)%
|
|||
Loss on early extinguishment of debt, net
|
(33,190
|
)
|
|
(37,816
|
)
|
|
4,626
|
|
|
12
|
%
|
|||
Earnings from equity method investments
|
41,520
|
|
|
103,009
|
|
|
(61,489
|
)
|
|
(60
|
)%
|
|||
Loss on transfer of interest to unconsolidated subsidiary
|
(7,373
|
)
|
|
—
|
|
|
(7,373
|
)
|
|
(100)%
|
|
|||
Income tax (expense) benefit
|
659
|
|
|
(8,445
|
)
|
|
9,104
|
|
|
>100%
|
|
|||
Income (loss) from discontinued operations
|
644
|
|
|
(17,481
|
)
|
|
18,125
|
|
|
>100%
|
|
|||
Gain from discontinued operations
|
22,233
|
|
|
27,257
|
|
|
(5,024
|
)
|
|
(18
|
)%
|
|||
Income from sales of real estate
|
86,658
|
|
|
63,472
|
|
|
23,186
|
|
|
37
|
%
|
|||
Net income (loss)
|
$
|
(111,233
|
)
|
|
$
|
(241,430
|
)
|
|
$
|
130,197
|
|
|
54
|
%
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Adjusted income
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) allocable to common shareholders
|
$
|
(33,722
|
)
|
|
$
|
(155,769
|
)
|
|
$
|
(272,997
|
)
|
|
$
|
(62,387
|
)
|
|
$
|
36,279
|
|
Add: Depreciation and amortization(1)
|
76,287
|
|
|
72,439
|
|
|
70,786
|
|
|
63,928
|
|
|
70,786
|
|
|||||
Add/Less: Provision for (recovery of) loan losses
|
(1,714
|
)
|
|
5,489
|
|
|
81,740
|
|
|
46,412
|
|
|
331,487
|
|
|||||
Add: Impairment of assets(2)
|
34,634
|
|
|
14,353
|
|
|
36,354
|
|
|
22,386
|
|
|
22,381
|
|
|||||
Add: Loss on transfer of interest to unconsolidated subsidiary
|
—
|
|
|
7,373
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Add: Stock-based compensation expense
|
13,314
|
|
|
19,261
|
|
|
15,293
|
|
|
29,702
|
|
|
19,355
|
|
|||||
Add: Loss (gain) on early extinguishment of debt, net(3)
|
25,369
|
|
|
19,655
|
|
|
22,405
|
|
|
(101,466
|
)
|
|
(110,075
|
)
|
|||||
Less: HPU/Participating Security allocation
|
(4,791
|
)
|
|
(4,478
|
)
|
|
(7,428
|
)
|
|
(1,891
|
)
|
|
(9,688
|
)
|
|||||
Adjusted income (loss) allocable to common shareholders
|
$
|
109,377
|
|
|
$
|
(21,677
|
)
|
|
$
|
(53,847
|
)
|
|
$
|
(3,316
|
)
|
|
$
|
360,525
|
|
(1)
|
For the
years
ended
December 31, 2013
,
2012
,
2011
and
2010
, depreciation and amortization includes
$264
,
$2,016
,
$5,837
and
$14,117
, respectively, of depreciation and amortization reclassified to discontinued operations. Depreciation and amortization also includes our proportionate share of depreciation and amortization expense for equity method investments and excludes the portion of depreciation and amortization expense allocable to noncontrolling interests.
|
(2)
|
For the
years
ended
December 31, 2013
,
2012
,
2011
and
2010
, impairment of assets includes
$1,764
,
$22,576
,
$9,147
and
$9,572
, respectively, of impairment of assets reclassified to discontinued operations.
|
(3)
|
For the
years
ended
December 31, 2013
,
2012
and
2010
, loss on early extinguishment of debt excludes the portion of losses paid in cash of
$13,535
,
$15,411
and
$1,152
, respectively.
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
15,765
|
|
|
$
|
(111,233
|
)
|
|
$
|
(241,430
|
)
|
|
$
|
(25,693
|
)
|
|
$
|
80,206
|
|
Add: Interest expense(1)
|
228,395
|
|
|
269,921
|
|
|
356,161
|
|
|
345,914
|
|
|
346,500
|
|
|||||
Add: Income tax expense (benefit)
|
3,912
|
|
|
(659
|
)
|
|
8,445
|
|
|
(4,719
|
)
|
|
7,023
|
|
|||||
Add: Depreciation and amortization(2)
|
79,042
|
|
|
74,673
|
|
|
70,786
|
|
|
63,928
|
|
|
70,786
|
|
|||||
EBITDA
|
327,114
|
|
|
232,702
|
|
|
193,962
|
|
|
379,430
|
|
|
504,515
|
|
|||||
Add: Provision for (recovery of) loan losses
|
(1,714
|
)
|
|
5,489
|
|
|
81,740
|
|
|
46,412
|
|
|
331,487
|
|
|||||
Add: Impairment of assets(3)
|
34,634
|
|
|
14,353
|
|
|
36,354
|
|
|
22,386
|
|
|
22,381
|
|
|||||
Add: Loss on transfer of interest to unconsolidated subsidiary
|
—
|
|
|
7,373
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Add: Stock-based compensation expense
|
13,314
|
|
|
19,261
|
|
|
15,293
|
|
|
29,702
|
|
|
19,355
|
|
|||||
Add: Loss (gain) on early extinguishment of debt, net(4)
|
25,369
|
|
|
19,655
|
|
|
22,405
|
|
|
(101,466
|
)
|
|
(110,075
|
)
|
|||||
Adjusted EBITDA
|
$
|
398,717
|
|
|
$
|
298,833
|
|
|
$
|
349,754
|
|
|
$
|
376,464
|
|
|
$
|
767,663
|
|
(1)
|
For the
years
ended
December 31, 2012
,
2011
and
2010
, interest expense includes
$1,064
,
$3,728
and
$32,734
, respectively, of interest expense reclassified to discontinued operations. Interest expense includes our proportionate share of interest for equity method investments.
|
(2)
|
For the
years
ended
December 31, 2013
,
2012
,
2011
and
2010
depreciation and amortization includes
$264
,
$2,016
,
$5,837
and
$14,117
, respectively, of depreciation and amortization reclassified to discontinued operations. Depreciation and amortization also includes our proportionate share of depreciation and amortization expense for equity method investments.
|
(3)
|
For the
years
ended
December 31, 2013
,
2012
,
2011
and
2010
impairment of assets includes
$1,764
,
$22,576
,
$9,147
and
$9,572
, respectively, of impairment of assets reclassified to discontinued operations.
|
(4)
|
For the
years
ended
December 31, 2013
,
2012
and
2010
, loss on early extinguishment of debt excludes the portion of losses paid in cash of
$13,535
,
$15,411
and
$1,152
, respectively.
|
|
As of December 31,
|
||||||
|
2014
|
|
2013
|
||||
Non-performing loans
|
|
|
|
||||
Carrying value(1)
|
$
|
65,047
|
|
|
$
|
203,604
|
|
As a percentage of total carrying value of loans
|
5.5
|
%
|
|
16.6
|
%
|
||
Reserve for loan losses
|
|
|
|
||||
Impaired loan asset-specific reserves for loan losses
|
$
|
64,990
|
|
|
$
|
348,004
|
|
As a percentage of gross carrying value of impaired loans
|
46.5
|
%
|
|
46.3
|
%
|
||
Total reserve for loan losses
|
$
|
98,490
|
|
|
$
|
377,204
|
|
As a percentage of total loans before loan loss reserves
|
7.6
|
%
|
|
23.5
|
%
|
(1)
|
As of
December 31, 2014
and
2013
, carrying values of non-performing loans are net of asset-specific reserves for loan losses of
$64.2 million
and
$317.0 million
, respectively.
|
|
For the Years Ended December 31,
|
||||||
|
2014
|
|
2013
|
||||
Land
|
$
|
74,323
|
|
|
$
|
36,346
|
|
Operating Properties
|
58,631
|
|
|
43,329
|
|
||
Net Lease
|
9,833
|
|
|
29,728
|
|
||
Total capital expenditures on real estate assets
|
$
|
142,787
|
|
|
$
|
109,403
|
|
|
Amounts Due By Period
|
||||||||||||||||||||||
|
Total
|
|
Less Than 1
Year
|
|
1 - 3
Years
|
|
3 - 5
Years
|
|
5 - 10
Years
|
|
After 10
Years
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Long-Term Debt Obligations
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Secured credit facilities
|
$
|
358,504
|
|
|
$
|
—
|
|
|
$
|
358,504
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Unsecured notes
|
3,326,890
|
|
|
105,765
|
|
|
1,851,125
|
|
|
1,370,000
|
|
|
—
|
|
|
—
|
|
||||||
Secured term loans
|
248,955
|
|
|
8,723
|
|
|
19,132
|
|
|
49,427
|
|
|
169,296
|
|
|
2,377
|
|
||||||
Other debt obligations
|
100,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
||||||
Total principal maturities
|
4,034,349
|
|
|
114,488
|
|
|
2,228,761
|
|
|
1,419,427
|
|
|
169,296
|
|
|
102,377
|
|
||||||
Interest Payable(1)
|
704,202
|
|
|
207,079
|
|
|
324,699
|
|
|
126,711
|
|
|
26,203
|
|
|
19,510
|
|
||||||
Operating Lease Obligations
|
32,065
|
|
|
5,598
|
|
|
10,580
|
|
|
7,621
|
|
|
6,809
|
|
|
1,457
|
|
||||||
Total(2)
|
$
|
4,770,616
|
|
|
$
|
327,165
|
|
|
$
|
2,564,040
|
|
|
$
|
1,553,759
|
|
|
$
|
202,308
|
|
|
$
|
123,344
|
|
(1)
|
All variable-rate debt assumes a 3-month LIBOR rate of
0.23%
.
|
(2)
|
We also have issued letters of credit totaling
$3.7 million
in connection with our investments. See Unfunded Commitments below, for a discussion of certain unfunded commitments related to our lending and net lease businesses.
|
|
As of December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Encumbered Assets
|
|
Unencumbered Assets
|
|
Encumbered Assets
|
|
Unencumbered Assets
|
||||||||
Real estate, net
|
$
|
620,378
|
|
|
$
|
2,056,336
|
|
|
$
|
1,644,463
|
|
|
$
|
1,151,718
|
|
Real estate available and held for sale
|
10,496
|
|
|
275,486
|
|
|
152,604
|
|
|
207,913
|
|
||||
Loans receivable and other lending investments, net(1)
|
46,515
|
|
|
1,364,828
|
|
|
860,557
|
|
|
538,752
|
|
||||
Other investments
|
17,708
|
|
|
336,411
|
|
|
24,093
|
|
|
183,116
|
|
||||
Cash and other assets
|
—
|
|
|
768,475
|
|
|
—
|
|
|
907,995
|
|
||||
Total
|
$
|
695,097
|
|
|
$
|
4,801,536
|
|
|
$
|
2,681,717
|
|
|
$
|
2,989,494
|
|
(1)
|
As of
December 31, 2014
and
2013
, the amounts presented exclude general reserves for loan losses of
$33.5 million
and
$29.2 million
, respectively.
|
|
Loans and Other Lending Investments
|
|
Real Estate
|
|
Other
Investments
|
|
Total
|
||||||||
Performance-Based Commitments
|
$
|
537,924
|
|
|
$
|
14,667
|
|
|
$
|
27,004
|
|
|
$
|
579,595
|
|
Strategic Investments
|
—
|
|
|
—
|
|
|
45,714
|
|
|
45,714
|
|
||||
Discretionary Fundings
|
5,000
|
|
|
—
|
|
|
—
|
|
|
5,000
|
|
||||
Total
|
$
|
542,924
|
|
|
$
|
14,667
|
|
|
$
|
72,718
|
|
|
$
|
630,309
|
|
Change in Interest Rates
|
|
Net Income(1)
|
||
-10 Basis Points
|
|
$
|
(713
|
)
|
Base Interest Rate
|
|
—
|
|
|
+50 Basis Points
|
|
4,680
|
|
|
+100 Basis Points
|
|
10,438
|
|
(1)
|
We have an overall net variable-rate asset position, which results in an increase in net income when rates increase and a decrease in net income when rates decrease. As of
December 31, 2014
,
$282.5 million
of our floating rate loans have a cumulative weighted average interest rate floor of
0.4%
and
$358.5 million
of our floating rate debt has a cumulative weighted average interest rate floor of
1.25%
.
|
|
Page
|
Financial Statements:
|
|
Financial Statement Schedules:
|
|
|
As of December 31,
|
||||||
|
2014
|
|
2013
|
||||
ASSETS
|
|
|
|
||||
Real estate
|
|
|
|
||||
Real estate, at cost
|
$
|
3,145,563
|
|
|
$
|
3,220,634
|
|
Less: accumulated depreciation
|
(468,849
|
)
|
|
(424,453
|
)
|
||
Real estate, net
|
2,676,714
|
|
|
2,796,181
|
|
||
Real estate available and held for sale
|
285,982
|
|
|
360,517
|
|
||
Total real estate
|
2,962,696
|
|
|
3,156,698
|
|
||
Loans receivable and other lending investments, net
|
1,377,843
|
|
|
1,370,109
|
|
||
Other investments
|
354,119
|
|
|
207,209
|
|
||
Cash and cash equivalents
|
472,061
|
|
|
513,568
|
|
||
Restricted cash
|
19,283
|
|
|
48,769
|
|
||
Accrued interest and operating lease income receivable, net
|
16,367
|
|
|
14,941
|
|
||
Deferred operating lease income receivable
|
98,262
|
|
|
92,737
|
|
||
Deferred expenses and other assets, net
|
162,502
|
|
|
237,980
|
|
||
Total assets
|
$
|
5,463,133
|
|
|
$
|
5,642,011
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Accounts payable, accrued expenses and other liabilities
|
$
|
180,902
|
|
|
$
|
170,831
|
|
Debt obligations, net
|
4,022,684
|
|
|
4,158,125
|
|
||
Total liabilities
|
4,203,586
|
|
|
4,328,956
|
|
||
Commitments and contingencies
|
—
|
|
|
—
|
|
||
Redeemable noncontrolling interests
|
11,199
|
|
|
11,590
|
|
||
Equity:
|
|
|
|
||||
iStar Financial Inc. shareholders' equity:
|
|
|
|
||||
Preferred Stock Series D, E, F, G and I, liquidation preference $25.00 per share (see Note 11)
|
22
|
|
|
22
|
|
||
Convertible Preferred Stock Series J, liquidation preference $50.00 per share (see Note 11)
|
4
|
|
|
4
|
|
||
High Performance Units
|
9,800
|
|
|
9,800
|
|
||
Common Stock, $0.001 par value, 200,000 shares authorized, 145,807 issued and 85,191 outstanding at December 31, 2014 and 144,334 issued and 83,717 outstanding at December 31, 2013
|
146
|
|
|
144
|
|
||
Additional paid-in capital
|
4,007,514
|
|
|
4,022,138
|
|
||
Retained earnings (deficit)
|
(2,556,469
|
)
|
|
(2,521,618
|
)
|
||
Accumulated other comprehensive income (loss) (see Note 11)
|
(971
|
)
|
|
(4,276
|
)
|
||
Treasury stock, at cost, $0.001 par value, 60,617 shares at December 31, 2014 and December 31, 2013
|
(262,954
|
)
|
|
(262,954
|
)
|
||
Total iStar Financial Inc. shareholders' equity
|
1,197,092
|
|
|
1,243,260
|
|
||
Noncontrolling interests
|
51,256
|
|
|
58,205
|
|
||
Total equity
|
1,248,348
|
|
|
1,301,465
|
|
||
Total liabilities and equity
|
$
|
5,463,133
|
|
|
$
|
5,642,011
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Operating lease income
|
$
|
243,100
|
|
|
$
|
234,567
|
|
|
$
|
216,291
|
|
Interest income
|
122,704
|
|
|
108,015
|
|
|
133,410
|
|
|||
Other income
|
81,033
|
|
|
48,208
|
|
|
47,838
|
|
|||
Land sales revenue
|
15,191
|
|
|
—
|
|
|
—
|
|
|||
Total revenues
|
462,028
|
|
|
390,790
|
|
|
397,539
|
|
|||
Costs and expenses:
|
|
|
|
|
|
||||||
Interest expense
|
224,483
|
|
|
266,225
|
|
|
355,097
|
|
|||
Real estate expense
|
163,389
|
|
|
157,441
|
|
|
151,458
|
|
|||
Land cost of sales
|
12,840
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
73,571
|
|
|
71,266
|
|
|
68,770
|
|
|||
General and administrative
|
88,806
|
|
|
92,114
|
|
|
80,856
|
|
|||
Provision for (recovery of) loan losses
|
(1,714
|
)
|
|
5,489
|
|
|
81,740
|
|
|||
Impairment of assets
|
34,634
|
|
|
12,589
|
|
|
13,778
|
|
|||
Other expense
|
5,821
|
|
|
8,050
|
|
|
17,266
|
|
|||
Total costs and expenses
|
601,830
|
|
|
613,174
|
|
|
768,965
|
|
|||
Income (loss) before earnings from equity method investments and other items
|
(139,802
|
)
|
|
(222,384
|
)
|
|
(371,426
|
)
|
|||
Loss on early extinguishment of debt, net
|
(25,369
|
)
|
|
(33,190
|
)
|
|
(37,816
|
)
|
|||
Earnings from equity method investments
|
94,905
|
|
|
41,520
|
|
|
103,009
|
|
|||
Loss on transfer of interest to unconsolidated subsidiary
|
—
|
|
|
(7,373
|
)
|
|
—
|
|
|||
Income (loss) from continuing operations before income taxes
|
(70,266
|
)
|
|
(221,427
|
)
|
|
(306,233
|
)
|
|||
Income tax (expense) benefit
|
(3,912
|
)
|
|
659
|
|
|
(8,445
|
)
|
|||
Income (loss) from continuing operations(1)
|
(74,178
|
)
|
|
(220,768
|
)
|
|
(314,678
|
)
|
|||
Income (loss) from discontinued operations
|
—
|
|
|
644
|
|
|
(17,481
|
)
|
|||
Gain from discontinued operations
|
—
|
|
|
22,233
|
|
|
27,257
|
|
|||
Income from sales of real estate
|
89,943
|
|
|
86,658
|
|
|
63,472
|
|
|||
Net income (loss)
|
15,765
|
|
|
(111,233
|
)
|
|
(241,430
|
)
|
|||
Net (income) loss attributable to noncontrolling interests
|
704
|
|
|
(718
|
)
|
|
1,500
|
|
|||
Net income (loss) attributable to iStar Financial Inc.
|
16,469
|
|
|
(111,951
|
)
|
|
(239,930
|
)
|
|||
Preferred dividends
|
(51,320
|
)
|
|
(49,020
|
)
|
|
(42,320
|
)
|
|||
Net (income) loss allocable to HPU holders and Participating Security holders(2)(3)
|
1,129
|
|
|
5,202
|
|
|
9,253
|
|
|||
Net income (loss) allocable to common shareholders
|
$
|
(33,722
|
)
|
|
$
|
(155,769
|
)
|
|
$
|
(272,997
|
)
|
Per common share data(1):
|
|
|
|
|
|
||||||
Income (loss) attributable to iStar Financial Inc. from continuing operations—Basic and diluted
|
$
|
(0.40
|
)
|
|
$
|
(2.09
|
)
|
|
$
|
(3.37
|
)
|
Net income (loss) attributable to iStar Financial Inc.—Basic and diluted
|
$
|
(0.40
|
)
|
|
$
|
(1.83
|
)
|
|
$
|
(3.26
|
)
|
Weighted average number of common shares—Basic and diluted
|
85,031
|
|
|
84,990
|
|
|
83,742
|
|
|||
Per HPU share data(1)(2):
|
|
|
|
|
|
||||||
Income (loss) attributable to iStar Financial Inc. from continuing operations—Basic and diluted
|
$
|
(75.27
|
)
|
|
$
|
(396.07
|
)
|
|
$
|
(638.27
|
)
|
Net income (loss) attributable to iStar Financial Inc.—Basic and diluted
|
$
|
(75.27
|
)
|
|
$
|
(346.80
|
)
|
|
$
|
(616.87
|
)
|
Weighted average number of HPU share—Basic and diluted
|
15
|
|
|
15
|
|
|
15
|
|
(1)
|
Income (loss) from continuing operations attributable to iStar Financial Inc. was
$(73.5) million
,
$(221.5) million
and
$(313.2) million
for the
years
ended
December 31, 2014
,
2013
and
2012
, respectively. See
Note 13
for details on the calculation of earnings per share.
|
(2)
|
HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program.
|
(3)
|
Participating Security holders are non-employee directors who hold 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
).
|
|
For the Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Net income (loss)
|
$
|
15,765
|
|
|
$
|
(111,233
|
)
|
|
$
|
(241,430
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization(1)
|
(90
|
)
|
|
(859
|
)
|
|
—
|
|
|||
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization(2)
|
4,116
|
|
|
310
|
|
|
(44
|
)
|
|||
Realization of (gains)/losses on cumulative translation adjustment into earnings upon realization(3)
|
968
|
|
|
(1,310
|
)
|
|
—
|
|
|||
Unrealized gains/(losses) on available-for-sale securities
|
3,367
|
|
|
(302
|
)
|
|
278
|
|
|||
Unrealized gains/(losses) on cash flow hedges
|
(5,187
|
)
|
|
(255
|
)
|
|
(1,335
|
)
|
|||
Unrealized gains/(losses) on cumulative translation adjustment
|
131
|
|
|
(675
|
)
|
|
244
|
|
|||
Other comprehensive income (loss)
|
3,305
|
|
|
(3,091
|
)
|
|
(857
|
)
|
|||
Comprehensive income (loss)
|
19,070
|
|
|
(114,324
|
)
|
|
(242,287
|
)
|
|||
Comprehensive (income) loss attributable to noncontrolling interests
|
710
|
|
|
(718
|
)
|
|
1,500
|
|
|||
Comprehensive income (loss) attributable to iStar Financial Inc.
|
$
|
19,780
|
|
|
$
|
(115,042
|
)
|
|
$
|
(240,787
|
)
|
(1)
|
For the
years
ended
December 31, 2014
and 2013,
$90
and
$266
, respectively, are included in "Other income" on the Company's Consolidated Statements of Operations. For the
year
ended
December 31, 2013
,
$593
is included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations.
|
(2)
|
For the
year
ended
December 31, 2014
,
$3,634
is included in "Other expense" on the Company's Consolidated Statements of Operations (see
Note 10
) and
$420
is included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations. Included in "Interest expense" on the Company's Consolidated Statements of Operations are
$62
,
$310
and
$(44)
for
years
ended
December 31, 2014
, 2013 and 2012, respectively.
|
(3)
|
Included in "Earnings from equity method investments" on the Company's Consolidated Statements of Operations.
|
|
|
iStar Financial Inc. Shareholders' Equity
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
Preferred
Stock(1)
|
|
Preferred Stock Series J(1)
|
|
HPU's
|
|
Common
Stock at
Par
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Treasury
Stock at
Cost
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
||||||||||||||||||||
Balance at December 31, 2011
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
9,800
|
|
|
$
|
140
|
|
|
$
|
3,834,460
|
|
|
$
|
(2,078,397
|
)
|
|
$
|
(328
|
)
|
|
$
|
(237,341
|
)
|
|
$
|
45,248
|
|
|
$
|
1,573,604
|
|
Dividends declared—preferred
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,320
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,320
|
)
|
||||||||||
Repurchase of stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,628
|
)
|
|
—
|
|
|
(4,628
|
)
|
||||||||||
Issuance of stock/restricted stock unit amortization, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2,705
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,708
|
|
||||||||||
Net loss for the period(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(239,930
|
)
|
|
—
|
|
|
—
|
|
|
(688
|
)
|
|
(240,618
|
)
|
||||||||||
Change in accumulated other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(857
|
)
|
|
—
|
|
|
—
|
|
|
(857
|
)
|
||||||||||
Repurchase of convertible notes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,728
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,728
|
)
|
||||||||||
Additional paid in capital attributable to redeemable noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,657
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,657
|
)
|
||||||||||
Contributions from noncontrolling interests(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,654
|
|
|
32,654
|
|
||||||||||
Distributions to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,004
|
)
|
|
(3,004
|
)
|
||||||||||
Balance at December 31, 2012
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
9,800
|
|
|
$
|
143
|
|
|
$
|
3,832,780
|
|
|
$
|
(2,360,647
|
)
|
|
$
|
(1,185
|
)
|
|
$
|
(241,969
|
)
|
|
$
|
74,210
|
|
|
$
|
1,313,154
|
|
Issuance of Preferred Stock
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
193,506
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
193,510
|
|
||||||||||
Dividends declared—preferred
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49,020
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49,020
|
)
|
||||||||||
Repurchase of stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,985
|
)
|
|
—
|
|
|
(20,985
|
)
|
||||||||||
Issuance of stock/restricted stock unit amortization, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(1,376
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,375
|
)
|
||||||||||
Net income (loss) for the period(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(111,951
|
)
|
|
—
|
|
|
—
|
|
|
3,837
|
|
|
(108,114
|
)
|
||||||||||
Change in accumulated other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,091
|
)
|
|
—
|
|
|
—
|
|
|
(3,091
|
)
|
||||||||||
Additional paid in capital attributable to redeemable noncontrolling interest(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,772
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,772
|
)
|
||||||||||
Contributions from noncontrolling interests(5)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,264
|
|
|
10,264
|
|
||||||||||
Distributions to noncontrolling interests(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,106
|
)
|
|
(30,106
|
)
|
||||||||||
Balance at December 31, 2013
|
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
9,800
|
|
|
$
|
144
|
|
|
$
|
4,022,138
|
|
|
$
|
(2,521,618
|
)
|
|
$
|
(4,276
|
)
|
|
$
|
(262,954
|
)
|
|
$
|
58,205
|
|
|
$
|
1,301,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iStar Financial Inc. Shareholders' Equity
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
Preferred
Stock(1)
|
|
Preferred Stock Series J(1)
|
|
HPU's
|
|
Common
Stock at
Par
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Treasury
Stock at
Cost
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
||||||||||||||||||||
Balance at December 31, 2013
|
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
9,800
|
|
|
$
|
144
|
|
|
$
|
4,022,138
|
|
|
$
|
(2,521,618
|
)
|
|
$
|
(4,276
|
)
|
|
$
|
(262,954
|
)
|
|
$
|
58,205
|
|
|
$
|
1,301,465
|
|
Dividends declared—preferred
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,320
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,320
|
)
|
||||||||||
Issuance of stock/restricted stock unit amortization, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(13,091
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,089
|
)
|
||||||||||
Net income for the period(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,469
|
|
|
—
|
|
|
—
|
|
|
1,221
|
|
|
17,690
|
|
||||||||||
Change in accumulated other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,305
|
|
|
—
|
|
|
—
|
|
|
3,305
|
|
||||||||||
Additional paid in capital attributable to redeemable noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,533
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,533
|
)
|
||||||||||
Contributions from noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
565
|
|
|
565
|
|
||||||||||
Distributions to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,820
|
)
|
|
(4,820
|
)
|
||||||||||
Change in noncontrolling interests(6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,915
|
)
|
|
(3,915
|
)
|
||||||||||
Balance at December 31, 2014
|
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
9,800
|
|
|
$
|
146
|
|
|
$
|
4,007,514
|
|
|
$
|
(2,556,469
|
)
|
|
$
|
(971
|
)
|
|
$
|
(262,954
|
)
|
|
$
|
51,256
|
|
|
$
|
1,248,348
|
|
(1)
|
See
Note 11
for details on the Company's Cumulative Redeemable Preferred Stock.
|
(2)
|
For the
years
ended
December 31, 2014
, 2013 and 2012 net (loss) income shown above excludes
$(1,925)
,
$(3,119)
and
$(812)
of net loss attributable to redeemable noncontrolling interests.
|
(3)
|
Includes
$27.3 million
of land assets contributed by a noncontrolling partner.
|
(4)
|
Includes an
$8.8 million
payment to redeem a noncontrolling member's interest (see
Note 4
).
|
(5)
|
Includes
$9.4 million
of operating property assets contributed by a noncontrolling partner.
|
(6)
|
During the year ended
December 31, 2014
, the Company sold its
72%
interest in a previously consolidated entity to one of its unconsolidated ventures (see
Note 4
and
Note 6
).
|
|
For the Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
15,765
|
|
|
$
|
(111,233
|
)
|
|
$
|
(241,430
|
)
|
Adjustments to reconcile net income (loss) to cash flows from operating activities:
|
|
|
|
|
|
||||||
Provision for (recovery of) loan losses
|
(1,714
|
)
|
|
5,489
|
|
|
81,740
|
|
|||
Impairment of assets
|
34,634
|
|
|
14,507
|
|
|
38,077
|
|
|||
Loss on transfer of interest to unconsolidated subsidiary
|
—
|
|
|
7,373
|
|
|
—
|
|
|||
Depreciation and amortization
|
73,571
|
|
|
71,530
|
|
|
70,786
|
|
|||
Payments for withholding taxes upon vesting of stock-based compensation
|
(21,250
|
)
|
|
(14,098
|
)
|
|
(12,589
|
)
|
|||
Non-cash expense for stock-based compensation
|
13,314
|
|
|
19,261
|
|
|
15,293
|
|
|||
Amortization of discounts/premiums and deferred financing costs on debt
|
16,891
|
|
|
20,915
|
|
|
31,981
|
|
|||
Amortization of discounts/premiums and deferred interest on loans
|
(59,747
|
)
|
|
(37,383
|
)
|
|
(40,912
|
)
|
|||
(Gain) loss from sales of loans
|
(19,067
|
)
|
|
596
|
|
|
(6,367
|
)
|
|||
Earnings from equity method investments
|
(94,905
|
)
|
|
(41,520
|
)
|
|
(103,009
|
)
|
|||
Distributions from operations of equity method investments
|
80,116
|
|
|
17,252
|
|
|
105,586
|
|
|||
Deferred operating lease income
|
(8,492
|
)
|
|
(12,077
|
)
|
|
(11,812
|
)
|
|||
Income from sales of real estate
|
(92,294
|
)
|
|
(86,658
|
)
|
|
(63,472
|
)
|
|||
Gain from discontinued operations
|
—
|
|
|
(22,233
|
)
|
|
(27,257
|
)
|
|||
Loss on early extinguishment of debt, net
|
25,369
|
|
|
19,655
|
|
|
22,405
|
|
|||
Repayments and repurchases of debt—debt discount and prepayment penalty
|
(14,888
|
)
|
|
(24,001
|
)
|
|
(74,712
|
)
|
|||
Other operating activities, net
|
31,935
|
|
|
6,917
|
|
|
9,427
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Changes in accrued interest and operating lease income receivable, net
|
(1,426
|
)
|
|
2,310
|
|
|
1,337
|
|
|||
Changes in deferred expenses and other assets, net
|
4,601
|
|
|
(23,012
|
)
|
|
1,271
|
|
|||
Changes in accounts payable, accrued expenses and other liabilities
|
7,245
|
|
|
5,945
|
|
|
11,725
|
|
|||
Cash flows from operating activities
|
(10,342
|
)
|
|
(180,465
|
)
|
|
(191,932
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Investment originations and fundings
|
(622,428
|
)
|
|
(257,600
|
)
|
|
(47,603
|
)
|
|||
Capital expenditures on real estate assets
|
(142,787
|
)
|
|
(109,403
|
)
|
|
(83,070
|
)
|
|||
Acquisitions of real estate assets
|
(4,666
|
)
|
|
(102,364
|
)
|
|
(9,750
|
)
|
|||
Repayments of and principal collections on loans
|
512,528
|
|
|
613,615
|
|
|
728,657
|
|
|||
Net proceeds from sales of loans
|
65,438
|
|
|
81,614
|
|
|
56,998
|
|
|||
Net proceeds from sales of real estate
|
419,527
|
|
|
437,817
|
|
|
562,705
|
|
|||
Net proceeds from sale of other investments
|
—
|
|
|
220,281
|
|
|
—
|
|
|||
Distributions from other investments
|
61,031
|
|
|
36,918
|
|
|
78,238
|
|
|||
Contributions to other investments
|
(159,424
|
)
|
|
(12,784
|
)
|
|
(10,640
|
)
|
|||
Changes in restricted cash held in connection with investing activities
|
29,283
|
|
|
(19,388
|
)
|
|
(5,127
|
)
|
|||
Other investing activities, net
|
1,291
|
|
|
4,741
|
|
|
(3,361
|
)
|
|||
Cash flows from investing activities
|
159,793
|
|
|
893,447
|
|
|
1,267,047
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Borrowings from debt obligations
|
1,349,822
|
|
|
1,444,565
|
|
|
3,498,794
|
|
|||
Repayments of debt obligations
|
(1,471,174
|
)
|
|
(1,984,102
|
)
|
|
(4,608,133
|
)
|
|||
Preferred dividends paid
|
(51,320
|
)
|
|
(49,020
|
)
|
|
(42,320
|
)
|
|||
Proceeds from issuance of preferred stock
|
—
|
|
|
193,510
|
|
|
—
|
|
|||
Payments for deferred financing costs
|
(19,595
|
)
|
|
(17,539
|
)
|
|
(21,662
|
)
|
|||
Other financing activities, net
|
1,309
|
|
|
(43,172
|
)
|
|
(2,276
|
)
|
|||
Cash flows from financing activities
|
(190,958
|
)
|
|
(455,758
|
)
|
|
(1,175,597
|
)
|
|||
Changes in cash and cash equivalents
|
(41,507
|
)
|
|
257,224
|
|
|
(100,482
|
)
|
|||
Cash and cash equivalents at beginning of period
|
513,568
|
|
|
256,344
|
|
|
356,826
|
|
|||
Cash and cash equivalents at end of period
|
$
|
472,061
|
|
|
$
|
513,568
|
|
|
256,344
|
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the period for interest, net of amount capitalized
|
$
|
194,605
|
|
|
$
|
237,457
|
|
|
329,546
|
|
|
|
As Previously Reported
|
|
Change
|
|
As Revised
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||||||
Three months ended March 31, 2014
|
|
$
|
(60,678
|
)
|
|
$
|
(4,143
|
)
|
|
$
|
(64,821
|
)
|
Six months ended June 30, 2014
|
|
(83,477
|
)
|
|
(8,630
|
)
|
|
(92,107
|
)
|
|||
Nine months ended September 30, 2014
|
|
1,570
|
|
|
(11,920
|
)
|
|
(10,350
|
)
|
|||
|
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
||||||
Three months ended March 31, 2014
|
|
$
|
31,318
|
|
|
$
|
4,143
|
|
|
$
|
35,461
|
|
Six months ended June 30, 2014
|
|
58,691
|
|
|
8,630
|
|
|
67,321
|
|
|||
Nine months ended September 30, 2014
|
|
295,785
|
|
|
11,920
|
|
|
307,705
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Current tax (expense) benefit
|
$
|
(3,912
|
)
|
|
$
|
659
|
|
|
$
|
(8,445
|
)
|
Deferred tax (expense) benefit
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total income tax (expense) benefit
|
$
|
(3,912
|
)
|
|
$
|
659
|
|
|
$
|
(8,445
|
)
|
|
|
As of December 31,
|
||||||
|
|
2014
|
|
2013
|
||||
Deferred tax assets(1)
|
|
$
|
54,318
|
|
|
$
|
55,962
|
|
Valuation allowance
|
|
(54,318
|
)
|
|
(55,962
|
)
|
||
Net deferred tax assets (liabilities)
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Deferred tax assets as of
December 31, 2014
include timing differences related primarily to real estate basis of
$39.3 million
, investment basis of
$5.9 million
and net operating loss carryforwards of
$4.1 million
. Deferred tax assets as of
December 31, 2013
, include timing differences related to real estate basis of
$33.0 million
, investment basis of
$8.1 million
, and net operating loss carryforwards of
$14.9 million
.
|
|
Net Lease
|
|
Operating
Properties
|
|
Land
|
|
Total
|
||||||||
As of December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Land and land improvements
|
$
|
311,890
|
|
|
$
|
146,417
|
|
|
$
|
868,650
|
|
|
$
|
1,326,957
|
|
Buildings and improvements
|
1,240,593
|
|
|
578,013
|
|
|
—
|
|
|
1,818,606
|
|
||||
Less: accumulated depreciation and amortization
|
(364,323
|
)
|
|
(96,159
|
)
|
|
(8,367
|
)
|
|
(468,849
|
)
|
||||
Real estate, net
|
1,188,160
|
|
|
628,271
|
|
|
860,283
|
|
|
2,676,714
|
|
||||
Real estate available and held for sale
|
4,521
|
|
|
162,782
|
|
|
118,679
|
|
|
285,982
|
|
||||
Total real estate
|
$
|
1,192,681
|
|
|
$
|
791,053
|
|
|
$
|
978,962
|
|
|
$
|
2,962,696
|
|
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
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2014(1)
|
|
2013(2)(3)
|
|
2012(4)
|
||||||
Acquisitions of real estate assets
|
$
|
4,666
|
|
|
$
|
102,364
|
|
|
$
|
9,750
|
|
(1)
|
During the
year
ended
December 31, 2014
, the Company purchased
two
condominium units for
$3.0 million
and
one
land parcel for
$1.7 million
.
|
(2)
|
During the
year
ended
December 31, 2013
, the Company acquired a net lease asset 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
, which was leased back to the seller. The Company concluded that the transaction was a real estate asset acquisition and capitalized the acquisition-related costs. The intangible assets were included in "Deferred expenses and other assets, net" and the intangible liabilities were included in "Accounts payable, accrued expenses and other liabilities" on the Company's Consolidated Balance Sheets. The lease was classified as an operating lease. During the
year
ended
December 31, 2014
, the net lease asset was sold to its Net Lease Venture for net proceeds of
$93.7 million
, which approximated carrying value.
|
(3)
|
During the
year
ended
December 31, 2013
, the Company paid
$8.8 million
to redeem a noncontrolling member's interest.
|
(4)
|
During the
year
ended
December 31, 2012
, the Company acquired approximately
900
parking spaces adjacent to an owned property for
$9.8 million
.
|
|
For the Years Ended
December 31, |
||||||
|
2014
|
|
2013
|
||||
Pro forma total revenues
|
$
|
466,327
|
|
|
$
|
399,885
|
|
Pro forma net income (loss)
|
(245
|
)
|
|
(112,355
|
)
|
|
For the Years Ended December 31,
|
||||||
|
2013
|
|
2012
|
||||
Revenues
|
$
|
5,545
|
|
|
$
|
14,132
|
|
Total expenses
|
(3,138
|
)
|
|
(9,037
|
)
|
||
Impairment of assets
|
(1,763
|
)
|
|
(22,576
|
)
|
||
Income (loss) from discontinued operations
|
$
|
644
|
|
|
$
|
(17,481
|
)
|
Year
|
|
Net Lease Assets
|
|
Operating Properties
|
||||
2015
|
|
$
|
126,316
|
|
|
$
|
52,823
|
|
2016
|
|
125,653
|
|
|
51,437
|
|
||
2017
|
|
120,918
|
|
|
49,592
|
|
||
2018
|
|
118,384
|
|
|
44,288
|
|
||
2019
|
|
116,348
|
|
|
38,707
|
|
|
As of December 31,
|
||||||
Type of Investment
|
2014
|
|
2013
|
||||
Senior mortgages
|
$
|
737,535
|
|
|
$
|
1,071,662
|
|
Subordinate mortgages
|
53,331
|
|
|
60,679
|
|
||
Corporate/Partnership loans
|
497,796
|
|
|
473,045
|
|
||
Total gross carrying value of loans
|
1,288,662
|
|
|
1,605,386
|
|
||
Reserves for loan losses
|
(98,490
|
)
|
|
(377,204
|
)
|
||
Total loans receivable, net
|
1,190,172
|
|
|
1,228,182
|
|
||
Other lending investments—securities
|
187,671
|
|
|
141,927
|
|
||
Total loans receivable and other lending investments, net(1)
|
$
|
1,377,843
|
|
|
$
|
1,370,109
|
|
(1)
|
The Company's recorded investment in loans as of
December 31, 2014
and
2013
also includes accrued interest of
$7.0 million
and
$6.5 million
, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
|
|
For the Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Reserve for loan losses at beginning of period
|
$
|
377,204
|
|
|
$
|
524,499
|
|
|
$
|
646,624
|
|
Provision for (recovery of) loan losses(1)
|
(1,714
|
)
|
|
5,489
|
|
|
81,740
|
|
|||
Charge-offs
|
(277,000
|
)
|
|
(152,784
|
)
|
|
(203,865
|
)
|
|||
Reserve for loan losses at end of period
|
$
|
98,490
|
|
|
$
|
377,204
|
|
|
$
|
524,499
|
|
(1)
|
For the
years
ended
December 31, 2014
,
2013
and
2012
, the provision for loan losses includes recoveries of previously recorded loan loss reserves of
$10.1 million
,
$63.1 million
and
$4.6 million
, respectively.
|
|
Individually
Evaluated for
Impairment(1)
|
|
Collectively
Evaluated for
Impairment(2)
|
|
Loans Acquired
with Deteriorated
Credit Quality(3)
|
|
Total
|
||||||||
As of December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
139,672
|
|
|
$
|
1,156,031
|
|
|
$
|
—
|
|
|
$
|
1,295,703
|
|
Less: Reserve for loan losses
|
(64,990
|
)
|
|
(33,500
|
)
|
|
—
|
|
|
(98,490
|
)
|
||||
Total
|
$
|
74,682
|
|
|
$
|
1,122,531
|
|
|
$
|
—
|
|
|
$
|
1,197,213
|
|
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
|
|
(1)
|
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of
$0.2 million
and a net premium of
$0.5 million
as of
December 31, 2014
and
2013
, 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
$10.6 million
and
$4.6 million
as of
December 31, 2014
and
2013
, respectively.
|
(3)
|
The carrying value of the loan includes unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of
$0.4 million
as of
December 31, 2013
. The loan had a cumulative principal balance of
$10.2 million
as of
December 31, 2013
. The loan was repaid during the year ended
December 31, 2014
.
|
|
As of December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
Performing
Loans
|
|
Weighted
Average
Risk Ratings
|
|
Performing
Loans
|
|
Weighted
Average
Risk Ratings
|
||||||
Senior mortgages
|
$
|
611,009
|
|
|
2.73
|
|
|
$
|
591,145
|
|
|
2.50
|
|
Subordinate mortgages
|
53,836
|
|
|
2.87
|
|
|
61,364
|
|
|
3.37
|
|
||
Corporate/Partnership loans
|
501,620
|
|
|
3.88
|
|
|
438,831
|
|
|
3.88
|
|
||
Total
|
$
|
1,166,465
|
|
|
3.23
|
|
|
$
|
1,091,340
|
|
|
3.11
|
|
|
Current
|
|
Less Than
and Equal
to 90 Days
|
|
Greater
Than
90 Days(1)
|
|
Total
Past Due
|
|
Total
|
||||||||||
Senior mortgages
|
$
|
644,190
|
|
|
$
|
—
|
|
|
$
|
96,057
|
|
|
$
|
96,057
|
|
|
$
|
740,247
|
|
Subordinate mortgages
|
53,836
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,836
|
|
|||||
Corporate/Partnership loans
|
501,620
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
501,620
|
|
|||||
Total
|
$
|
1,199,646
|
|
|
$
|
—
|
|
|
$
|
96,057
|
|
|
$
|
96,057
|
|
|
$
|
1,295,703
|
|
(1)
|
As of
December 31, 2014
, the Company had
three
loans which were greater than
90 days
delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from
5.0
to
6.0 years
outstanding.
|
|
As of December 31, 2014
|
|
As of December 31, 2013
|
||||||||||||||||||||
|
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
|
|
|
$
|
—
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior mortgages
|
130,645
|
|
|
129,744
|
|
|
(64,440
|
)
|
|
650,337
|
|
|
645,463
|
|
|
(304,544
|
)
|
||||||
Corporate/Partnership loans
|
9,027
|
|
|
9,057
|
|
|
(550
|
)
|
|
99,076
|
|
|
99,067
|
|
|
(43,460
|
)
|
||||||
Subtotal
|
139,672
|
|
|
138,801
|
|
|
(64,990
|
)
|
|
749,413
|
|
|
744,530
|
|
|
(348,004
|
)
|
||||||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior mortgages
|
130,645
|
|
|
129,744
|
|
|
(64,440
|
)
|
|
653,349
|
|
|
648,455
|
|
|
(304,544
|
)
|
||||||
Corporate/Partnership loans
|
9,027
|
|
|
9,057
|
|
|
(550
|
)
|
|
99,076
|
|
|
99,067
|
|
|
(43,460
|
)
|
||||||
Total
|
$
|
139,672
|
|
|
$
|
138,801
|
|
|
$
|
(64,990
|
)
|
|
$
|
752,425
|
|
|
$
|
747,522
|
|
|
$
|
(348,004
|
)
|
(1)
|
All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of
December 31, 2014
and
2013
, certain loans modified through troubled debt restructurings with a recorded investment of
$10.4 million
and
$231.8 million
, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status.
|
|
For the Years Ended December 31,
|
||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||||||||||||||
|
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
|
$
|
35,659
|
|
|
$
|
1,922
|
|
|
$
|
31,409
|
|
|
$
|
9,269
|
|
|
$
|
162,093
|
|
|
$
|
2,765
|
|
Corporate/Partnership loans
|
—
|
|
|
—
|
|
|
8,062
|
|
|
6,050
|
|
|
10,110
|
|
|
160
|
|
||||||
Subtotal
|
35,659
|
|
|
1,922
|
|
|
39,471
|
|
|
15,319
|
|
|
172,203
|
|
|
2,925
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior mortgages
|
334,351
|
|
|
158
|
|
|
794,247
|
|
|
1,976
|
|
|
1,064,045
|
|
|
3,865
|
|
||||||
Subordinate mortgages
|
—
|
|
|
—
|
|
|
32,382
|
|
|
—
|
|
|
52,208
|
|
|
—
|
|
||||||
Corporate/Partnership loans
|
52,963
|
|
|
181
|
|
|
77,661
|
|
|
323
|
|
|
62,248
|
|
|
312
|
|
||||||
Subtotal
|
387,314
|
|
|
339
|
|
|
904,290
|
|
|
2,299
|
|
|
1,178,501
|
|
|
4,177
|
|
||||||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior mortgages
|
370,010
|
|
|
2,080
|
|
|
825,656
|
|
|
11,245
|
|
|
1,226,138
|
|
|
6,630
|
|
||||||
Subordinate mortgages
|
—
|
|
|
—
|
|
|
32,382
|
|
|
—
|
|
|
52,208
|
|
|
—
|
|
||||||
Corporate/Partnership loans
|
52,963
|
|
|
181
|
|
|
85,723
|
|
|
6,373
|
|
|
72,358
|
|
|
472
|
|
||||||
Total
|
$
|
422,973
|
|
|
$
|
2,261
|
|
|
$
|
943,761
|
|
|
$
|
17,618
|
|
|
$
|
1,350,704
|
|
|
$
|
7,102
|
|
|
For the Year Ended December 31, 2014
|
|
For the Year Ended December 31, 2013
|
||||||||||||||||||
|
Number
of Loans
|
|
Pre-Modification
Outstanding
Recorded
Investment
|
|
Post-Modification
Outstanding
Recorded
Investment
|
|
Number
of Loans
|
|
Pre-Modification
Outstanding
Recorded
Investment
|
|
Post-Modification
Outstanding
Recorded
Investment
|
||||||||||
Senior mortgages
|
1
|
|
|
$
|
7,040
|
|
|
$
|
7,040
|
|
|
6
|
|
|
$
|
179,030
|
|
|
$
|
154,278
|
|
|
Face Value
|
|
Amortized Cost Basis
|
|
Net Unrealized Gain (Loss)
|
|
Estimated Fair Value
|
|
Net Carrying Value
|
||||||||||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Available-for-Sale Securities
|
|
|
|
|
|
|
|
|
|
||||||||||
Municipal debt securities
|
$
|
1,020
|
|
|
$
|
1,020
|
|
|
$
|
147
|
|
|
$
|
1,167
|
|
|
$
|
1,167
|
|
Held-to-Maturity Securities
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate debt securities
|
176,254
|
|
|
186,504
|
|
|
—
|
|
|
190,199
|
|
|
186,504
|
|
|||||
Total
|
$
|
177,274
|
|
|
$
|
187,524
|
|
|
$
|
147
|
|
|
$
|
191,366
|
|
|
$
|
187,671
|
|
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
|
|
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
|
186,504
|
|
|
190,199
|
|
|
—
|
|
|
—
|
|
||||
After 5 years through 10 years
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
After 10 years
|
—
|
|
|
—
|
|
|
1,020
|
|
|
1,167
|
|
||||
Total
|
$
|
186,504
|
|
|
$
|
190,199
|
|
|
$
|
1,020
|
|
|
$
|
1,167
|
|
|
Carrying Value
|
|
Equity in Earnings
|
||||||||||||||||
|
As of December 31,
|
|
For the Years Ended December 31,
|
||||||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Real estate equity investments
|
$
|
244,886
|
|
|
$
|
62,205
|
|
|
$
|
53,428
|
|
|
$
|
2,753
|
|
|
$
|
21,636
|
|
Madison Funds
|
45,971
|
|
|
67,782
|
|
|
3,092
|
|
|
14,796
|
|
|
10,246
|
|
|||||
Other equity method investments(1)(2)
|
30,415
|
|
|
45,954
|
|
|
35,172
|
|
|
3,332
|
|
|
4,614
|
|
|||||
Oak Hill Funds
|
17,658
|
|
|
21,366
|
|
|
3,213
|
|
|
4,174
|
|
|
5,844
|
|
|||||
LNR
|
—
|
|
|
—
|
|
|
—
|
|
|
16,465
|
|
|
60,669
|
|
|||||
Total equity method investments
|
338,930
|
|
|
197,307
|
|
|
$
|
94,905
|
|
|
$
|
41,520
|
|
|
$
|
103,009
|
|
||
Other
|
15,189
|
|
|
9,902
|
|
|
|
|
|
|
|
||||||||
Total other investments
|
$
|
354,119
|
|
|
$
|
207,209
|
|
|
|
|
|
|
|
(1)
|
During the
year
ended
December 31, 2014
, the Company recognized
$23.4 million
of earnings from equity method investments resulting from asset sales and a legal settlement by one of its equity method investees.
|
(2)
|
In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained interests in its share of carried interest related to various funds. During the
year
ended
December 31, 2014
, the Company recognized
$9.0 million
of carried interest income.
|
|
For the Period from October 1, 2012 to April 19, 2013
|
|
For the Year Ended September 30, 2012
|
||||
Income Statements
|
|
|
|
||||
Total revenue(2)
|
$
|
179,373
|
|
|
$
|
332,902
|
|
Income tax (expense) benefit
|
(2,137
|
)
|
|
(6,731
|
)
|
||
Net income attributable to LNR(3)
|
113,478
|
|
|
253,039
|
|
||
iStar's ownership percentage
|
24
|
%
|
|
24
|
%
|
||
iStar's equity in earnings from LNR
|
$
|
45,375
|
|
|
$
|
60,669
|
|
|
For the Period from October 1, 2012 to April 19, 2013
|
|
For the Year Ended September 30, 2012
|
||||
Cash Flows
|
|
|
|
||||
Operating cash flows
|
$
|
(127,075
|
)
|
|
$
|
(85,909
|
)
|
Cash flows from investing activities
|
(36,543
|
)
|
|
(55,686
|
)
|
||
Cash flows from financing activities
|
217,241
|
|
|
229,634
|
|
||
Net cash flows
|
53,623
|
|
|
88,039
|
|
||
Cash distributions
|
—
|
|
|
61,179
|
|
||
iStar's ownership percentage
|
24
|
%
|
|
24
|
%
|
||
Cash distributions received by iStar
|
$
|
—
|
|
|
$
|
14,690
|
|
(1)
|
The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the year ended
December 31, 2013
was 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 are based on the balances and results from LNR for the year ended September 30, 2012.
|
(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. Total revenue presented above includes
$55.5 million
and
$95.4 million
for the period from October 1, 2012 to April 19, 2013 and for the year ended September 30, 2012, 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)
|
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 pursuant to the definitive sale agreement as described above.
|
|
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
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
During the year ended
December 31, 2013
, the Company recorded an other than temporary impairment of
$30.9 million
. 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 pursuant to the definitive sale agreement as described above.
|
|
Revenues
|
|
Expenses
|
|
Net Income Attributable to Parent Entities
|
||||||
For the Year Ended December 31, 2014
|
|
|
|
|
|
||||||
Alinda Infrastructure Fund I, L.P. ("Alinda")(1)
|
$
|
233,130
|
|
|
$
|
(15,433
|
)
|
|
$
|
217,697
|
|
Marina Palms, LLC ("Marina Palms")
|
114,125
|
|
|
(77,120
|
)
|
|
37,005
|
|
|||
OHASCF
|
78,262
|
|
|
(951
|
)
|
|
77,311
|
|
|||
Moor Park Real Estate Partners II L.P., Incorporated ("Moor Park")
|
25,760
|
|
|
(224
|
)
|
|
25,536
|
|
|||
MIRELF III
|
20,293
|
|
|
(1,401
|
)
|
|
18,846
|
|
|||
iStar Net Lease I LLC ("Net Lease Venture")(2)
|
13,826
|
|
|
(9,917
|
)
|
|
3,691
|
|
|||
Outlets at Westgate, LLC ("Westgate")
|
13,118
|
|
|
(9,618
|
)
|
|
3,500
|
|
|||
MIRELF III AIV
|
(1,194
|
)
|
|
(384
|
)
|
|
(1,578
|
)
|
|||
Other
|
128,719
|
|
|
(70,555
|
)
|
|
58,202
|
|
|||
Total
|
$
|
626,039
|
|
|
$
|
(185,603
|
)
|
|
$
|
440,210
|
|
|
Revenues
|
|
Expenses
|
|
Net Income Attributable to Parent Entities
|
||||||
For the Year Ended December 31, 2013
|
|
|
|
|
|
||||||
Alinda(1)
|
$
|
123,447
|
|
|
$
|
(17,927
|
)
|
|
$
|
105,520
|
|
OHASCF
|
72,313
|
|
|
(1,642
|
)
|
|
70,671
|
|
|||
MIRELF III AIV
|
26,348
|
|
|
(1,167
|
)
|
|
25,181
|
|
|||
MIRELF III
|
19,460
|
|
|
(1,675
|
)
|
|
17,739
|
|
|||
Westgate
|
12,447
|
|
|
(8,889
|
)
|
|
3,558
|
|
|||
Moor Park
|
1,373
|
|
|
(304
|
)
|
|
1,069
|
|
|||
Marina Palms(3)
|
73
|
|
|
(3,525
|
)
|
|
(3,452
|
)
|
|||
Other
|
29,052
|
|
|
(42,504
|
)
|
|
(14,088
|
)
|
|||
Total
|
$
|
284,513
|
|
|
$
|
(77,633
|
)
|
|
$
|
206,198
|
|
|
|
|
|
|
|
||||||
For the Year Ended December 31, 2012
|
|
|
|
|
|
||||||
OHASCF
|
$
|
109,234
|
|
|
$
|
(2,700
|
)
|
|
$
|
106,534
|
|
Alinda(1)
|
104,364
|
|
|
(16,934
|
)
|
|
87,430
|
|
|||
MIRELF III
|
13,490
|
|
|
(3,894
|
)
|
|
9,550
|
|
|||
Westgate
|
1,935
|
|
|
(2,202
|
)
|
|
(267
|
)
|
|||
Moor Park
|
1,225
|
|
|
(435
|
)
|
|
790
|
|
|||
MIRELF III AIV
|
(12,762
|
)
|
|
(1,731
|
)
|
|
(14,493
|
)
|
|||
Other
|
184,384
|
|
|
(67,495
|
)
|
|
115,416
|
|
|||
Total
|
$
|
401,870
|
|
|
$
|
(95,391
|
)
|
|
$
|
304,960
|
|
(1)
|
The Company recorded its
1%
investment in Alinda on a quarter lag. Therefore, the amounts in the Company's financial statements for the
years
ended
December 31, 2014
, 2013 and 2012 were based on balances and results from Alinda for the
years
ended September 30, 2014, 2013 and 2012, respectively.
|
(2)
|
The Company began accounting for its investment in Net Lease Venture under the equity method of accounting on February 13, 2014. The amounts in the Company's financial statements for the year ended December 31, 2014 are based on the balances and results from Net Lease Venture for the period from February 13, 2014 to December 31, 2014.
|
(3)
|
The Company began accounting for its investment in Marina Palms under the equity method of accounting on April 17, 2013. The amounts in the Company's financial statements for the year ended December 31, 2013 are based on the balances and results from Marina Palms for the period from April 17, 2013 to December 31, 2013.
|
|
|
As of December 31,
|
||||||
|
|
2014
|
|
2013
|
||||
Balance Sheets
|
|
|
|
|
||||
Total assets
|
|
$
|
3,464,984
|
|
|
$
|
2,980,737
|
|
Total liabilities
|
|
479,298
|
|
|
303,100
|
|
||
Noncontrolling interests
|
|
3,297
|
|
|
333
|
|
||
Total equity
|
|
2,982,389
|
|
|
2,677,304
|
|
|
As of December 31,
|
||||||
|
2014
|
|
2013
|
||||
Intangible assets, net(1)
|
$
|
50,088
|
|
|
$
|
100,652
|
|
Other assets
|
37,085
|
|
|
40,726
|
|
||
Deferred financing fees, net(2)
|
36,774
|
|
|
33,591
|
|
||
Leasing costs, net(3)
|
20,031
|
|
|
21,799
|
|
||
Other receivables
|
13,115
|
|
|
34,655
|
|
||
Corporate furniture, fixtures and equipment, net(4)
|
5,409
|
|
|
6,557
|
|
||
Deferred expenses and other assets, net
|
$
|
162,502
|
|
|
$
|
237,980
|
|
(1)
|
Intangible assets, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible assets was
$45.1 million
and
$38.1 million
as of
December 31, 2014
and
2013
, respectively. The amortization of above market leases decreased operating lease income on the Company's Consolidated Statements of Operations by
$7.7 million
,
$7.0 million
and
$5.8 million
for the
years
ended
December 31, 2014
,
2013
, and
2012
, respectively. The amortization expense for other intangible assets was
$6.7 million
,
$8.2 million
and
$7.0 million
for the
years
ended
December 31, 2014
,
2013
, and
2012
, 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
$15.4 million
and
$9.9 million
as of
December 31, 2014
and
2013
, respectively.
|
(3)
|
Accumulated amortization on leasing costs was
$9.0 million
and
$7.1 million
as of
December 31, 2014
and
2013
, respectively.
|
(4)
|
Accumulated depreciation on corporate furniture, fixtures and equipment was
$7.1 million
and
$6.2 million
as of
December 31, 2014
and
2013
, respectively.
|
|
As of December 31,
|
||||||
|
2014
|
|
2013
|
||||
Accrued expenses
|
$
|
62,866
|
|
|
$
|
58,840
|
|
Accrued interest payable
|
57,895
|
|
|
40,015
|
|
||
Other liabilities(1)
|
48,256
|
|
|
45,753
|
|
||
Intangible liabilities, net(2)
|
11,885
|
|
|
26,223
|
|
||
Accounts payable, accrued expenses and other liabilities
|
$
|
180,902
|
|
|
$
|
170,831
|
|
(1)
|
As of
December 31, 2014
, "Other liabilities" includes
$6.8 million
related to a profit sharing payable to a developer for residential units sold. "Other liabilities" also includes
$7.7 million
related to tax increment financing ("TIF") bonds which were issued by a governmental entity to fund the installation of infrastructure within one of the Company's master planned community developments. The balance represents a special assessment associated with each individual land parcel, which will decrease as the Company sells parcels.
|
(2)
|
Intangible liabilities, net are primarily related to the acquisition of real estate assets. Accumulated amortization on intangible liabilities was
$6.2 million
and
$4.6 million
as of
December 31, 2014
and
2013
, respectively. The amortization of intangible liabilities increased operating lease income on the Company's Consolidated Statements of Operations by
$2.5 million
,
$2.8 million
and
$1.4 million
for the
years
ended
December 31, 2014
,
2013
and
2012
, respectively.
|
2015
|
$
|
5,929
|
|
2016
|
5,677
|
|
|
2017
|
5,308
|
|
|
2018
|
4,987
|
|
|
2019
|
4,830
|
|
|
Carrying Value as of December 31,
|
|
Stated
Interest Rates
|
|
Scheduled
Maturity Date
|
|||||||
|
2014
|
|
2013
|
|
|
|||||||
Secured credit facilities and term loans:
|
|
|
|
|
|
|
|
|||||
2012 Tranche A-2 Facility
|
$
|
358,504
|
|
|
$
|
431,475
|
|
|
LIBOR + 5.75%
|
|
(1)
|
March 2017
|
February 2013 Secured Credit Facility
|
—
|
|
|
1,379,407
|
|
|
LIBOR + 3.50%
|
|
(2)
|
—
|
||
Term loans collateralized by net lease assets
|
248,955
|
|
|
278,817
|
|
|
4.851% - 7.26%
|
|
(3)
|
Various through 2026
|
||
Total secured credit facilities and term loans
|
607,459
|
|
|
2,089,699
|
|
|
|
|
|
|
||
Unsecured notes:
|
|
|
|
|
|
|
|
|||||
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
|
|
|
265,000
|
|
|
3.875
|
%
|
|
July 2016
|
||
3.0% senior convertible notes(4)
|
200,000
|
|
|
200,000
|
|
|
3.0
|
%
|
|
November 2016
|
||
1.50% senior convertible notes(5)
|
200,000
|
|
|
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
|
||
4.00% senior notes
|
550,000
|
|
|
—
|
|
|
4.00
|
%
|
|
November 2017
|
||
7.125% senior notes
|
300,000
|
|
|
300,000
|
|
|
7.125
|
%
|
|
February 2018
|
||
4.875% senior notes
|
300,000
|
|
|
300,000
|
|
|
4.875
|
%
|
|
July 2018
|
||
5.00% senior notes
|
770,000
|
|
|
—
|
|
|
5.00
|
%
|
|
July 2019
|
||
Total unsecured notes
|
3,326,890
|
|
|
2,006,890
|
|
|
|
|
|
|
||
Other debt obligations:
|
|
|
|
|
|
|
|
|||||
Other debt obligations
|
100,000
|
|
|
100,000
|
|
|
LIBOR + 1.50%
|
|
|
October 2035
|
||
Total debt obligations
|
4,034,349
|
|
|
4,196,589
|
|
|
|
|
|
|
||
Debt discounts, net
|
(11,665
|
)
|
|
(38,464
|
)
|
|
|
|
|
|
||
Total debt obligations, net
|
$
|
4,022,684
|
|
|
$
|
4,158,125
|
|
|
|
|
|
|
(1)
|
The loan has a LIBOR floor of
1.25%
. As of
December 31, 2014
, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of
7.00%
.
|
(2)
|
This loan had a LIBOR floor of
1.00%
.
|
(3)
|
As of
December 31, 2014
and
2013
, includes a loan with a floating rate of LIBOR plus
2.00%
. As of December 31, 2013, includes a loan with a floating rate of LIBOR plus
2.75%
. As of
December 31, 2014
, the weighted average interest rate of these loans is
5.3%
.
|
(4)
|
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.
|
(5)
|
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.
|
|
Unsecured Debt
|
|
Secured Debt
|
|
Total
|
||||||
2015
|
$
|
105,765
|
|
|
$
|
—
|
|
|
$
|
105,765
|
|
2016
|
926,403
|
|
|
—
|
|
|
926,403
|
|
|||
2017
|
924,722
|
|
|
358,504
|
|
|
1,283,226
|
|
|||
2018
|
600,000
|
|
|
15,239
|
|
|
615,239
|
|
|||
2019
|
770,000
|
|
|
32,312
|
|
|
802,312
|
|
|||
Thereafter
|
100,000
|
|
|
201,404
|
|
|
301,404
|
|
|||
Total principal maturities
|
3,426,890
|
|
|
607,459
|
|
|
4,034,349
|
|
|||
Unamortized debt discounts, net
|
(8,371
|
)
|
|
(3,294
|
)
|
|
(11,665
|
)
|
|||
Total long-term debt obligations, net
|
$
|
3,418,519
|
|
|
$
|
604,165
|
|
|
$
|
4,022,684
|
|
|
As of December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Encumbered Assets
|
|
Unencumbered Assets
|
|
Encumbered Assets
|
|
Unencumbered Assets
|
||||||||
Real estate, net
|
$
|
620,378
|
|
|
$
|
2,056,336
|
|
|
$
|
1,644,463
|
|
|
$
|
1,151,718
|
|
Real estate available and held for sale
|
10,496
|
|
|
275,486
|
|
|
152,604
|
|
|
207,913
|
|
||||
Loans receivable and other lending investments, net(1)
|
46,515
|
|
|
1,364,828
|
|
|
860,557
|
|
|
538,752
|
|
||||
Other investments
|
17,708
|
|
|
336,411
|
|
|
24,093
|
|
|
183,116
|
|
||||
Cash and other assets
|
—
|
|
|
768,475
|
|
|
—
|
|
|
907,995
|
|
||||
Total
|
$
|
695,097
|
|
|
$
|
4,801,536
|
|
|
$
|
2,681,717
|
|
|
$
|
2,989,494
|
|
(1)
|
As of
December 31, 2014
and
2013
, the amounts presented exclude general reserves for loan losses of
$33.5 million
and
$29.2 million
, respectively.
|
|
Loans and Other Lending Investments
|
|
Real Estate
|
|
Other
Investments
|
|
Total
|
||||||||
Performance-Based Commitments
|
$
|
537,924
|
|
|
$
|
14,667
|
|
|
$
|
27,004
|
|
|
$
|
579,595
|
|
Strategic Investments
|
—
|
|
|
—
|
|
|
45,714
|
|
|
45,714
|
|
||||
Discretionary Fundings
|
5,000
|
|
|
—
|
|
|
—
|
|
|
5,000
|
|
||||
Total
|
$
|
542,924
|
|
|
$
|
14,667
|
|
|
$
|
72,718
|
|
|
$
|
630,309
|
|
2015
|
$
|
5,598
|
|
2016
|
5,598
|
|
|
2017
|
4,982
|
|
|
2018
|
4,179
|
|
|
2019
|
3,442
|
|
|
Thereafter
|
8,266
|
|
|
|
|
|
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
|
|
2014
|
|
2013
|
|
2012
|
||||||||
Interest rate cap
|
|
Other Expense
|
|
$
|
(1,347
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign exchange contracts
|
|
Other Expense
|
|
7,257
|
|
|
880
|
|
|
(8,920
|
)
|
Derivative Type
|
|
Notional
Amount
|
|
Notional
(USD Equivalent)
|
|
Maturity
|
||||
Sells INR/Buys USD Forward
|
|
₨
|
456,000
|
|
|
$
|
6,534
|
|
|
June 2015
|
Derivative Type
|
|
Notional
Amount
|
|
Notional
(USD Equivalent)
|
|
Maturity
|
||||
Sells euro ("EUR")/Buys USD Forward
|
|
€
|
18,800
|
|
|
$
|
23,807
|
|
|
January 2015
|
Sells pound sterling ("GBP")/Buys USD Forward
|
|
£
|
3,000
|
|
|
$
|
4,830
|
|
|
January 2015
|
Sells Canadian dollar ("CAD")/Buys USD Forward
|
|
C$
|
10,000
|
|
|
$
|
8,933
|
|
|
January 2015
|
Derivative Type
|
|
Notional
Amount
|
|
Variable Rate
|
|
Fixed Rate
|
|
Effective Date
|
|
Maturity
|
||
Interest rate swap
|
|
$
|
27,456
|
|
|
LIBOR + 2.00%
|
|
3.47%
|
|
October 2012
|
|
November 2019
|
Derivative Type
|
|
Notional
Amount
|
|
Variable Rate
|
|
Fixed Rate
|
|
Effective Date
|
|
Maturity
|
||
Interest rate cap
|
|
$
|
500,000
|
|
|
LIBOR
|
|
1.00%
|
|
July 2014
|
|
July 2017
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Cumulative Redeemable Preferred Stock during the
years
ended
December 31, 2014
and
2013
. The Company declared and paid dividends of
$9.0 million
and
$6.7 million
on its Series J Convertible Perpetual Preferred Stock during the
years
ended
December 31, 2014
and
2013
, respectively. 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.
|
|
As of December 31,
|
||||||
|
2014
|
|
2013
|
||||
Unrealized gains (losses) on available-for-sale securities
|
$
|
2,983
|
|
|
$
|
(294
|
)
|
Unrealized gains (losses) on cash flow hedges
|
(409
|
)
|
|
662
|
|
||
Unrealized losses on cumulative translation adjustment
|
(3,545
|
)
|
|
(4,644
|
)
|
||
Accumulated other comprehensive income (loss)
|
$
|
(971
|
)
|
|
$
|
(4,276
|
)
|
|
|
Number
of Shares
|
|
Weighted Average
Grant Date
Fair Value
Per Share
|
|
Aggregate
Intrinsic
Value
|
|||||
Non-vested at December 31, 2013
|
|
2,779
|
|
|
$
|
5.85
|
|
|
$
|
39,659
|
|
Granted
|
|
306
|
|
|
$
|
15.31
|
|
|
|
||
Vested
|
|
(2,757
|
)
|
|
$
|
6.09
|
|
|
|
||
Forfeited
|
|
(8
|
)
|
|
$
|
15.69
|
|
|
|
||
Non-vested at December 31, 2014
|
|
320
|
|
|
$
|
12.57
|
|
|
$
|
4,367
|
|
•
|
1,696,053
service-based Units granted to certain employees in 2008 that vested in January 2014;
|
•
|
80,000
service-based Units granted to certain employees in 2011 and 2013 that vested in 2014; and
|
•
|
600,000
service-based Units granted to the Company's Chairman and Chief Executive Officer in October 2011 that vested in June 2014.
|
•
|
381,374
of performance-based Units, granted on February 1, 2013. The Units vested based on the Company's total shareholder return, or TSR, measured over a performance period ending on the vesting date of December 31, 2014. Under the terms of these Units, vesting ranged from
0%
to
200%
of the target amount of the awards, depending on the Company's TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award) during the performance period. The Company and any companies not included in the index at the beginning and end of the performance period were excluded from calculation of the performance of such index. Based on the Company's TSR performance, the Units vested in an amount equal to
195.5%
of the target amount of the original awards of
195,076
Units resulting in an additional
186,298
shares granted.
|
•
|
Effective January 10, 2014, the Company granted
67,637
service-based 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 on December 31, 2016, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled. As of
December 31, 2014
,
64,552
of such service-based Units were outstanding.
|
•
|
Effective January 10, 2014, the Company granted
51,726
target amount of performance-based Units based on the Company's TSR measured over a performance period ending on December 31, 2016, which is the date the awards cliff vest. Vesting will range from
0%
to
200%
of the target amount of the award, depending on the Company's TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award) during the performance period. The Company, as well as any companies not included in each index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of 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 as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's Common Stock. The assumptions used to estimate the fair value of these performance-based awards were
0.76%
for risk-free interest rate and
44.84%
for expected stock price volatility. As of
December 31, 2014
,
50,116
of such performance-based Units were outstanding.
|
•
|
194,582
service-based Units, granted on February 1, 2013, representing the right to receive an equivalent number of shares of the Company's Common Stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on February 1, 2016,
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 as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled.
|
•
|
10,666
service-based Units granted on various dates 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. Dividends will accrue as and when dividends are declared by the Company on shares of its Common Stock, but will not be paid unless and until the Units vest and are settled.
|
•
|
During the
year
ended
December 31, 2014
, the Company granted
235,414
shares of our Common Stock to certain employees as part of annual incentive awards that included a mix of cash and equity awards. The weighted average grant date fair value per share of these awards was
$14.89
and the total fair value was
$3.5 million
. The shares are fully-vested and
132,653
shares were issued 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.
|
|
For the Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Income (loss) from continuing operations
|
$
|
(74,178
|
)
|
|
$
|
(220,768
|
)
|
|
$
|
(314,678
|
)
|
Net (income) loss attributable to noncontrolling interests
|
704
|
|
|
(718
|
)
|
|
1,500
|
|
|||
Income from sales of real estate
|
89,943
|
|
|
86,658
|
|
|
63,472
|
|
|||
Preferred dividends
|
(51,320
|
)
|
|
(49,020
|
)
|
|
(42,320
|
)
|
|||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders
|
$
|
(34,851
|
)
|
|
$
|
(183,848
|
)
|
|
$
|
(292,026
|
)
|
|
For the Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
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
|
$
|
(33,722
|
)
|
|
$
|
(177,907
|
)
|
|
$
|
(282,452
|
)
|
Income (loss) from discontinued operations
|
—
|
|
|
623
|
|
|
(16,908
|
)
|
|||
Gain from discontinued operations
|
—
|
|
|
21,515
|
|
|
26,363
|
|
|||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders
|
$
|
(33,722
|
)
|
|
$
|
(155,769
|
)
|
|
$
|
(272,997
|
)
|
Denominator for basic and diluted earnings per share:
|
|
|
|
|
|
||||||
Weighted average common shares outstanding for basic and diluted earnings per common share
|
85,031
|
|
|
84,990
|
|
|
83,742
|
|
|||
Basic and diluted earnings per common share:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders
|
$
|
(0.40
|
)
|
|
$
|
(2.09
|
)
|
|
$
|
(3.37
|
)
|
Income (loss) from discontinued operations
|
—
|
|
|
0.01
|
|
|
(0.20
|
)
|
|||
Gain from discontinued operations
|
—
|
|
|
0.25
|
|
|
0.31
|
|
|||
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders
|
$
|
(0.40
|
)
|
|
$
|
(1.83
|
)
|
|
$
|
(3.26
|
)
|
|
For the Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
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
|
$
|
(1,129
|
)
|
|
$
|
(5,941
|
)
|
|
$
|
(9,574
|
)
|
Income (loss) from discontinued operations
|
—
|
|
|
21
|
|
|
(573
|
)
|
|||
Gain from discontinued operations
|
—
|
|
|
718
|
|
|
894
|
|
|||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders
|
$
|
(1,129
|
)
|
|
$
|
(5,202
|
)
|
|
$
|
(9,253
|
)
|
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
|
$
|
(75.27
|
)
|
|
$
|
(396.07
|
)
|
|
$
|
(638.27
|
)
|
Income (loss) from discontinued operations
|
—
|
|
|
1.40
|
|
|
(38.20
|
)
|
|||
Gain from discontinued operations
|
—
|
|
|
47.87
|
|
|
59.60
|
|
|||
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders
|
$
|
(75.27
|
)
|
|
$
|
(346.80
|
)
|
|
$
|
(616.87
|
)
|
|
For the Years Ended December 31,
|
|||||||
|
2014(1)
|
|
2013(1)
|
|
2012(1)
|
|||
Joint venture shares
|
298
|
|
|
298
|
|
|
298
|
|
3.00% convertible senior unsecured notes
|
16,992
|
|
|
16,992
|
|
|
—
|
|
Series J convertible perpetual preferred stock
|
15,635
|
|
|
15,635
|
|
|
—
|
|
1.50% convertible senior unsecured notes
|
11,567
|
|
|
11,567
|
|
|
—
|
|
(1)
|
For the
years
ended
December 31, 2014
,
2013
and
2012
, the effect of the Company's unvested Units, performance-based Units and CSEs were anti-dilutive.
|
|
|
|
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, 2014
|
|
|
|
|
|
|
|
||||||||
Recurring basis:
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
$
|
6,361
|
|
|
$
|
—
|
|
|
$
|
6,361
|
|
|
$
|
—
|
|
Derivative liabilities
|
478
|
|
|
—
|
|
|
478
|
|
|
—
|
|
||||
Available-for-sale securities
|
7,906
|
|
|
7,906
|
|
|
—
|
|
|
—
|
|
||||
Non-recurring basis:
|
|
|
|
|
|
|
|
||||||||
Impaired loans(1)
|
37,169
|
|
|
—
|
|
|
—
|
|
|
37,169
|
|
||||
Impaired real estate(2)
|
7,102
|
|
|
—
|
|
|
—
|
|
|
7,102
|
|
||||
As of December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Recurring basis:
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
$
|
11,175
|
|
|
$
|
—
|
|
|
$
|
11,175
|
|
|
$
|
—
|
|
Derivative liabilities
|
1,653
|
|
|
—
|
|
|
1,653
|
|
|
—
|
|
||||
Available-for-sale securities
|
505
|
|
|
505
|
|
|
—
|
|
|
—
|
|
||||
Non-recurring basis:
|
|
|
|
|
|
|
|
||||||||
Impaired loans
|
115,423
|
|
|
—
|
|
|
—
|
|
|
115,423
|
|
||||
Impaired real estate
|
35,680
|
|
|
—
|
|
|
5,744
|
|
|
29,936
|
|
(1)
|
The Company recorded a recovery of loan losses on
one
loan with a fair value of
$8.5 million
based on the loan's remaining term of
1.50
years and interest rate of
4.7%
using discounted cash flow analysis. The Company also recorded a provision for loan losses on
one
loan with a fair value of
$5.2 million
based on an appraisal. In addition, the Company recorded a provision for loan losses on
one
loan, collateralized by a land asset, with a fair value of
$23.5 million
based upon a foreclosure sale agreement. The land asset was acquired by an unconsolidated entity in which the Company is a partner.
|
(2)
|
The Company recorded impairment on
one
real estate asset with a fair value of
$7.1 million
based on a discount rate of
15.0%
using discounted cash flows over a
10
year lease term.
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land
|
|
Corporate/Other(1)
|
|
Company Total
|
||||||||||||
Year Ended December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating lease income
|
$
|
—
|
|
|
$
|
151,934
|
|
|
$
|
90,331
|
|
|
$
|
835
|
|
|
$
|
—
|
|
|
$
|
243,100
|
|
Interest income
|
122,704
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122,704
|
|
||||||
Other income
|
21,217
|
|
|
4,437
|
|
|
42,000
|
|
|
3,327
|
|
|
10,052
|
|
|
81,033
|
|
||||||
Land sales revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
15,191
|
|
|
—
|
|
|
15,191
|
|
||||||
Total revenue
|
143,921
|
|
|
156,371
|
|
|
132,331
|
|
|
19,353
|
|
|
10,052
|
|
|
462,028
|
|
||||||
Earnings (loss) from equity method investments
|
—
|
|
|
3,260
|
|
|
1,669
|
|
|
14,966
|
|
|
75,010
|
|
|
94,905
|
|
||||||
Income from sales of real estate
|
—
|
|
|
6,206
|
|
|
83,737
|
|
|
—
|
|
|
—
|
|
|
89,943
|
|
||||||
Revenue and other earnings
|
143,921
|
|
|
165,837
|
|
|
217,737
|
|
|
34,319
|
|
|
85,062
|
|
|
646,876
|
|
||||||
Real estate expense
|
—
|
|
|
(22,967
|
)
|
|
(113,504
|
)
|
|
(26,918
|
)
|
|
—
|
|
|
(163,389
|
)
|
||||||
Land cost of sales
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,840
|
)
|
|
—
|
|
|
(12,840
|
)
|
||||||
Other expense
|
(243
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,578
|
)
|
|
(5,821
|
)
|
||||||
Allocated interest expense
|
(58,043
|
)
|
|
(72,089
|
)
|
|
(39,535
|
)
|
|
(29,432
|
)
|
|
(25,384
|
)
|
|
(224,483
|
)
|
||||||
Allocated general and administrative(2)
|
(13,314
|
)
|
|
(16,736
|
)
|
|
(9,684
|
)
|
|
(13,170
|
)
|
|
(22,588
|
)
|
|
(75,492
|
)
|
||||||
Segment profit (loss)(3)
|
$
|
72,321
|
|
|
$
|
54,045
|
|
|
$
|
55,014
|
|
|
$
|
(48,041
|
)
|
|
$
|
31,512
|
|
|
$
|
164,851
|
|
Other significant non-cash items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Provision for (recovery of) loan losses
|
$
|
(1,714
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,714
|
)
|
Impairment of assets
|
—
|
|
|
3,689
|
|
|
8,131
|
|
|
22,814
|
|
|
—
|
|
|
34,634
|
|
||||||
Depreciation and amortization
|
—
|
|
|
38,841
|
|
|
32,142
|
|
|
1,440
|
|
|
1,148
|
|
|
73,571
|
|
||||||
Capitalized expenditures
|
—
|
|
|
3,933
|
|
|
61,186
|
|
|
80,119
|
|
|
—
|
|
|
145,238
|
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land
|
|
Corporate/Other(1)
|
|
Company Total
|
||||||||||||
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 real estate
|
—
|
|
|
—
|
|
|
82,603
|
|
|
4,055
|
|
|
—
|
|
|
86,658
|
|
||||||
Income (loss) from discontinued operations(4)
|
—
|
|
|
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(5)
|
(74,377
|
)
|
|
(80,034
|
)
|
|
(49,114
|
)
|
|
(30,368
|
)
|
|
(32,332
|
)
|
|
(266,225
|
)
|
||||||
Allocated general and administrative(2)
|
(13,186
|
)
|
|
(14,330
|
)
|
|
(9,189
|
)
|
|
(12,365
|
)
|
|
(23,783
|
)
|
|
(72,853
|
)
|
||||||
Segment profit (loss)(3)
|
$
|
23,575
|
|
|
$
|
38,212
|
|
|
$
|
73,407
|
|
|
$
|
(75,465
|
)
|
|
$
|
(20,362
|
)
|
|
$
|
39,367
|
|
Other significant non-cash items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Provision for (recovery of) loan losses
|
$
|
5,489
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,489
|
|
Impairment of assets(5)
|
—
|
|
|
1,176
|
|
|
12,449
|
|
|
728
|
|
|
—
|
|
|
14,353
|
|
||||||
Loss on transfer of interest to unconsolidated subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
7,373
|
|
|
—
|
|
|
7,373
|
|
||||||
Depreciation and amortization(5)
|
—
|
|
|
38,582
|
|
|
30,599
|
|
|
1,105
|
|
|
1,244
|
|
|
71,530
|
|
||||||
Capitalized expenditures
|
—
|
|
|
34,076
|
|
|
41,131
|
|
|
36,346
|
|
|
—
|
|
|
111,553
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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 real estate
|
—
|
|
|
—
|
|
|
63,472
|
|
|
—
|
|
|
—
|
|
|
63,472
|
|
||||||
Income (loss) from discontinued operations(4)
|
—
|
|
|
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(5)
|
(111,898
|
)
|
|
(92,579
|
)
|
|
(69,259
|
)
|
|
(44,125
|
)
|
|
(38,300
|
)
|
|
(356,161
|
)
|
||||||
Allocated general and administrative(2)
|
(14,263
|
)
|
|
(10,618
|
)
|
|
(7,572
|
)
|
|
(7,405
|
)
|
|
(25,705
|
)
|
|
(65,563
|
)
|
||||||
Segment profit (loss)(3)
|
$
|
11,087
|
|
|
$
|
59,153
|
|
|
$
|
10,732
|
|
|
$
|
(80,820
|
)
|
|
$
|
8,852
|
|
|
$
|
9,004
|
|
Other significant non-cash items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Provision for (recovery of) loan losses
|
$
|
81,740
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
81,740
|
|
Impairment of assets(5)
|
—
|
|
|
6,670
|
|
|
28,501
|
|
|
205
|
|
|
978
|
|
|
36,354
|
|
||||||
Depreciation and amortization(5)
|
—
|
|
|
39,250
|
|
|
28,450
|
|
|
1,276
|
|
|
1,810
|
|
|
70,786
|
|
||||||
Capitalized expenditures
|
—
|
|
|
10,994
|
|
|
51,579
|
|
|
20,497
|
|
|
—
|
|
|
83,070
|
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land
|
|
Corporate/Other(1)
|
|
Company Total
|
||||||||||||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Real estate, net
|
—
|
|
|
1,188,160
|
|
|
628,271
|
|
|
860,283
|
|
|
—
|
|
|
2,676,714
|
|
||||||
Real estate available and held for sale
|
—
|
|
|
4,521
|
|
|
162,782
|
|
|
118,679
|
|
|
—
|
|
|
285,982
|
|
||||||
Total real estate
|
—
|
|
|
1,192,681
|
|
|
791,053
|
|
|
978,962
|
|
|
—
|
|
|
2,962,696
|
|
||||||
Loans receivable and other lending investments, net
|
1,377,843
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,377,843
|
|
||||||
Other investments
|
—
|
|
|
125,360
|
|
|
13,220
|
|
|
106,155
|
|
|
109,384
|
|
|
354,119
|
|
||||||
Total portfolio assets
|
$
|
1,377,843
|
|
|
$
|
1,318,041
|
|
|
$
|
804,273
|
|
|
$
|
1,085,117
|
|
|
$
|
109,384
|
|
|
4,694,658
|
|
|
Cash and other assets
|
|
|
|
|
|
|
|
|
|
|
768,475
|
|
|||||||||||
Total assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,463,133
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
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
|
|
(1)
|
Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above.
|
(2)
|
General and administrative excludes stock-based compensation expense of
$13.3 million
,
$19.3 million
and
$15.3 million
for the
years
ended
December 31, 2014
,
2013
and
2012
, respectively.
|
(3)
|
The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):
|
|
For the Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Segment profit (loss)
|
$
|
164,851
|
|
|
$
|
39,367
|
|
|
$
|
9,004
|
|
Less: (Provision for) recovery of loan losses
|
1,714
|
|
|
(5,489
|
)
|
|
(81,740
|
)
|
|||
Less: Impairment of assets(4)
|
(34,634
|
)
|
|
(14,353
|
)
|
|
(36,354
|
)
|
|||
Less: Loss on transfer of interest to unconsolidated subsidiary
|
—
|
|
|
(7,373
|
)
|
|
—
|
|
|||
Less: Stock-based compensation expense
|
(13,314
|
)
|
|
(19,261
|
)
|
|
(15,293
|
)
|
|||
Less: Depreciation and amortization(4)
|
(73,571
|
)
|
|
(71,530
|
)
|
|
(70,786
|
)
|
|||
Less: Income tax (expense) benefit(4)
|
(3,912
|
)
|
|
596
|
|
|
(8,445
|
)
|
|||
Less: Loss on early extinguishment of debt, net
|
(25,369
|
)
|
|
(33,190
|
)
|
|
(37,816
|
)
|
|||
Net income (loss)
|
$
|
15,765
|
|
|
$
|
(111,233
|
)
|
|
$
|
(241,430
|
)
|
(4)
|
For the
years
ended
December 31, 2013
and
2012
, excludes certain amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.
|
(5)
|
For the
years
ended
December 31, 2013
and
2012
, includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.
|
|
|
For the Quarters Ended
|
||||||||||||||
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||
2014:
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
109,950
|
|
|
$
|
113,486
|
|
|
$
|
129,843
|
|
|
$
|
108,749
|
|
Net income (loss)
|
|
$
|
(1,955
|
)
|
|
$
|
35,491
|
|
|
$
|
(3,594
|
)
|
|
$
|
(14,177
|
)
|
Earnings per common share data:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to iStar Financial Inc.
|
|
|
|
|
|
|
|
|
||||||||
Basic(1)
|
|
$
|
(13,270
|
)
|
|
$
|
22,327
|
|
|
$
|
(16,207
|
)
|
|
$
|
(26,572
|
)
|
Diluted(1)
|
|
$
|
(13,270
|
)
|
|
$
|
27,608
|
|
|
$
|
(16,207
|
)
|
|
$
|
(26,572
|
)
|
Earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(0.16
|
)
|
|
$
|
0.26
|
|
|
$
|
(0.19
|
)
|
|
$
|
(0.31
|
)
|
Diluted
|
|
$
|
(0.16
|
)
|
|
$
|
0.21
|
|
|
$
|
(0.19
|
)
|
|
$
|
(0.31
|
)
|
Weighted average number of common shares
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
85,188
|
|
|
85,163
|
|
|
84,916
|
|
|
84,819
|
|
||||
Diluted
|
|
85,188
|
|
|
130,160
|
|
|
84,916
|
|
|
84,819
|
|
||||
Earnings per HPU share data:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to iStar Financial Inc.
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(442
|
)
|
|
$
|
744
|
|
|
$
|
(542
|
)
|
|
$
|
(889
|
)
|
Diluted
|
|
$
|
(442
|
)
|
|
$
|
602
|
|
|
$
|
(542
|
)
|
|
$
|
(889
|
)
|
Earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(29.47
|
)
|
|
$
|
49.60
|
|
|
$
|
(36.13
|
)
|
|
$
|
(59.27
|
)
|
Diluted
|
|
$
|
(29.47
|
)
|
|
$
|
40.13
|
|
|
$
|
(36.13
|
)
|
|
$
|
(59.27
|
)
|
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,
|
||||||||
2013:
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
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.
|
|
$
|
(57,934
|
)
|
|
$
|
(30,571
|
)
|
|
$
|
(26,001
|
)
|
|
$
|
(41,263
|
)
|
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
|
|
(1)
|
For the quarter ended September 30, 2014, includes net income attributable to iStar Financial Inc. and allocable to Participating Security Holders of
$2
and
$2
on a basic and dilutive basis, respectively.
|
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, 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
|
|
For the Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserve for loan losses(1)(2)
|
|
$
|
377,204
|
|
|
$
|
(1,714
|
)
|
|
$
|
—
|
|
|
$
|
(277,000
|
)
|
|
$
|
98,490
|
|
Allowance for doubtful accounts(2)
|
|
5,857
|
|
|
2,074
|
|
|
—
|
|
|
(4,285
|
)
|
|
3,646
|
|
|||||
Allowance for deferred tax assets(2)
|
|
56,262
|
|
|
(6,246
|
)
|
|
4,302
|
|
|
—
|
|
|
54,318
|
|
|||||
|
|
$
|
439,323
|
|
|
$
|
(5,886
|
)
|
|
$
|
4,302
|
|
|
$
|
(281,285
|
)
|
|
$
|
156,454
|
|
(1)
|
See Note 5 to the Company's Consolidated Financial Statements.
|
(2)
|
See Note 3 to the Company's Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
State
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
OFFICE FACILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Arizona
|
OAZ002
|
$
|
—
|
|
|
|
|
$
|
1,033
|
|
|
$
|
6,652
|
|
|
$
|
951
|
|
|
$
|
1,033
|
|
|
$
|
7,603
|
|
|
$
|
8,636
|
|
|
$
|
2,825
|
|
|
1999
|
|
40.0
|
Arizona
|
OAZ003
|
—
|
|
|
|
|
1,033
|
|
|
6,652
|
|
|
287
|
|
|
1,033
|
|
|
6,939
|
|
|
7,972
|
|
|
2,589
|
|
|
1999
|
|
40.0
|
||||||||
Arizona
|
OAZ004
|
—
|
|
|
|
|
1,033
|
|
|
6,652
|
|
|
205
|
|
|
1,033
|
|
|
6,857
|
|
|
7,890
|
|
|
2,570
|
|
|
1999
|
|
40.0
|
||||||||
Arizona
|
OAZ005
|
—
|
|
|
|
|
701
|
|
|
4,339
|
|
|
—
|
|
|
701
|
|
|
4,339
|
|
|
5,040
|
|
|
1,645
|
|
|
1999
|
|
40.0
|
||||||||
Arizona
|
OAZ006
|
—
|
|
|
|
|
10,780
|
|
|
36,336
|
|
|
1,294
|
|
|
10,780
|
|
|
37,630
|
|
|
48,410
|
|
|
5,827
|
|
|
2011
|
|
40.0
|
||||||||
California
|
OCA002
|
—
|
|
|
|
|
4,139
|
|
|
5,064
|
|
|
1,596
|
|
|
4,139
|
|
|
6,660
|
|
|
10,799
|
|
|
2,229
|
|
|
2002
|
|
40.0
|
||||||||
Colorado
|
OCO001
|
—
|
|
|
|
|
1,757
|
|
|
16,930
|
|
|
6,476
|
|
|
1,757
|
|
|
23,406
|
|
|
25,163
|
|
|
8,823
|
|
|
1999
|
|
40.0
|
||||||||
Colorado
|
OCO002
|
4,856
|
|
|
(1)
|
|
—
|
|
|
16,752
|
|
|
48
|
|
|
—
|
|
|
16,800
|
|
|
16,800
|
|
|
5,356
|
|
|
2002
|
|
40.0
|
||||||||
Florida
|
OFL001
|
—
|
|
|
|
|
2,517
|
|
|
14,484
|
|
|
5,112
|
|
|
2,517
|
|
|
19,596
|
|
|
22,113
|
|
|
2,168
|
|
|
2010
|
|
40.0
|
||||||||
Georgia
|
OGA001
|
—
|
|
|
|
|
905
|
|
|
6,744
|
|
|
45
|
|
|
905
|
|
|
6,789
|
|
|
7,694
|
|
|
3,142
|
|
|
1999
|
|
40.0
|
||||||||
Georgia
|
OGA002
|
—
|
|
|
|
|
5,709
|
|
|
49,091
|
|
|
22,344
|
|
|
5,709
|
|
|
71,435
|
|
|
77,144
|
|
|
24,788
|
|
|
1999
|
|
40.0
|
||||||||
Massachusetts
|
OMA001
|
12,581
|
|
|
(1)
|
|
1,600
|
|
|
21,947
|
|
|
285
|
|
|
1,600
|
|
|
22,232
|
|
|
23,832
|
|
|
7,126
|
|
|
2002
|
|
40.0
|
||||||||
Maryland
|
OMD001
|
12,033
|
|
|
(1)
|
|
1,800
|
|
|
18,706
|
|
|
740
|
|
|
1,800
|
|
|
19,446
|
|
|
21,246
|
|
|
6,044
|
|
|
2002
|
|
40.0
|
||||||||
Michigan
|
OMI001
|
—
|
|
|
|
|
5,374
|
|
|
137,956
|
|
|
243
|
|
|
5,374
|
|
|
138,199
|
|
|
143,573
|
|
|
25,622
|
|
|
2007
|
|
40.0
|
||||||||
New Jersey
|
ONJ001
|
52,675
|
|
|
|
|
7,726
|
|
|
74,429
|
|
|
10
|
|
|
7,724
|
|
|
74,441
|
|
|
82,165
|
|
|
22,447
|
|
|
2002
|
|
40.0
|
||||||||
New Jersey
|
ONJ002
|
11,517
|
|
|
|
|
1,008
|
|
|
13,763
|
|
|
(81
|
)
|
|
1,008
|
|
|
13,682
|
|
|
14,690
|
|
|
3,725
|
|
|
2004
|
|
40.0
|
||||||||
New Jersey
|
ONJ003
|
16,219
|
|
|
(1)
|
|
2,456
|
|
|
28,955
|
|
|
767
|
|
|
2,456
|
|
|
29,722
|
|
|
32,178
|
|
|
7,967
|
|
|
2004
|
|
40.0
|
||||||||
Pennsylvania
|
OPA001
|
—
|
|
|
|
|
690
|
|
|
26,098
|
|
|
(49
|
)
|
|
690
|
|
|
26,049
|
|
|
26,739
|
|
|
8,656
|
|
|
2001
|
|
40.0
|
||||||||
Tennessee
|
OTN001
|
—
|
|
|
|
|
2,702
|
|
|
25,129
|
|
|
(17,064
|
)
|
|
2,702
|
|
|
8,065
|
|
|
10,767
|
|
|
7,878
|
|
|
1999
|
|
40.0
|
||||||||
Texas
|
OTX001
|
—
|
|
|
|
|
1,364
|
|
|
10,628
|
|
|
5,644
|
|
|
2,373
|
|
|
15,263
|
|
|
17,636
|
|
|
5,589
|
|
|
1999
|
|
40.0
|
||||||||
Texas
|
OTX002
|
—
|
|
|
|
|
1,233
|
|
|
15,160
|
|
|
146
|
|
|
1,233
|
|
|
15,306
|
|
|
16,539
|
|
|
5,480
|
|
|
1999
|
|
40.0
|
||||||||
Texas
|
OTX003
|
—
|
|
|
|
|
2,932
|
|
|
31,235
|
|
|
12,644
|
|
|
2,932
|
|
|
43,879
|
|
|
46,811
|
|
|
15,945
|
|
|
1999
|
|
40.0
|
||||||||
Texas
|
OTX004
|
—
|
|
|
|
|
1,230
|
|
|
5,660
|
|
|
482
|
|
|
1,230
|
|
|
6,142
|
|
|
7,372
|
|
|
2,303
|
|
|
1999
|
|
40.0
|
||||||||
Wisconsin
|
OWI001
|
—
|
|
|
|
|
1,875
|
|
|
13,914
|
|
|
(6,147
|
)
|
|
1,875
|
|
|
7,767
|
|
|
9,642
|
|
|
4,696
|
|
|
1999
|
|
40.0
|
||||||||
Subtotal
|
|
$
|
109,881
|
|
|
|
|
$
|
61,597
|
|
|
$
|
593,276
|
|
|
$
|
35,978
|
|
|
$
|
62,604
|
|
|
$
|
628,247
|
|
|
$
|
690,851
|
|
|
$
|
185,440
|
|
|
|
|
|
INDUSTRIAL FACILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Arizona
|
IAZ001
|
—
|
|
|
|
|
2,519
|
|
|
7,481
|
|
|
1,009
|
|
|
2,519
|
|
|
8,490
|
|
|
11,009
|
|
|
1,249
|
|
|
2009
|
|
40.0
|
||||||||
Arizona
|
IAZ002
|
—
|
|
|
|
|
3,279
|
|
|
5,221
|
|
|
2,387
|
|
|
3,279
|
|
|
7,608
|
|
|
10,887
|
|
|
1,185
|
|
|
2009
|
|
40.0
|
||||||||
California
|
ICA001
|
17,736
|
|
|
(1)
|
|
11,635
|
|
|
19,515
|
|
|
5,943
|
|
|
11,635
|
|
|
25,458
|
|
|
37,093
|
|
|
4,496
|
|
|
2007
|
|
40.0
|
||||||||
California
|
ICA005
|
—
|
|
|
(1)
|
|
654
|
|
|
4,591
|
|
|
2,044
|
|
|
654
|
|
|
6,635
|
|
|
7,289
|
|
|
2,697
|
|
|
1999
|
|
40.0
|
||||||||
California
|
ICA006
|
—
|
|
|
|
|
1,086
|
|
|
7,964
|
|
|
2,876
|
|
|
1,086
|
|
|
10,840
|
|
|
11,926
|
|
|
4,560
|
|
|
1999
|
|
40.0
|
||||||||
California
|
ICA007
|
—
|
|
|
(1)
|
|
4,880
|
|
|
12,367
|
|
|
3,550
|
|
|
4,880
|
|
|
15,917
|
|
|
20,797
|
|
|
5,656
|
|
|
1999
|
|
40.0
|
||||||||
California
|
ICA008
|
—
|
|
|
(1)
|
|
6,857
|
|
|
8,378
|
|
|
1,643
|
|
|
6,856
|
|
|
10,022
|
|
|
16,878
|
|
|
3,326
|
|
|
2002
|
|
40.0
|
||||||||
California
|
ICA012
|
—
|
|
|
(1)
|
|
3,044
|
|
|
3,716
|
|
|
3,643
|
|
|
3,044
|
|
|
7,359
|
|
|
10,403
|
|
|
2,266
|
|
|
2002
|
|
40.0
|
||||||||
California
|
ICA013
|
—
|
|
|
(1)
|
|
2,633
|
|
|
3,219
|
|
|
290
|
|
|
2,633
|
|
|
3,509
|
|
|
6,142
|
|
|
1,240
|
|
|
2002
|
|
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
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
California
|
ICA014
|
—
|
|
|
|
|
4,600
|
|
|
5,627
|
|
|
4,039
|
|
|
4,600
|
|
|
9,666
|
|
|
14,266
|
|
|
2,434
|
|
|
2002
|
|
40.0
|
||||||||
California
|
ICA015
|
—
|
|
|
|
|
5,617
|
|
|
6,877
|
|
|
5,501
|
|
|
5,619
|
|
|
12,376
|
|
|
17,995
|
|
|
6,618
|
|
|
2002
|
|
40.0
|
||||||||
California
|
ICA016
|
27,456
|
|
|
|
|
15,708
|
|
|
27,987
|
|
|
7,619
|
|
|
15,708
|
|
|
35,606
|
|
|
51,314
|
|
|
14,473
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ICA017
|
—
|
|
|
|
|
808
|
|
|
8,306
|
|
|
588
|
|
|
808
|
|
|
8,894
|
|
|
9,702
|
|
|
3,241
|
|
|
1999
|
|
40.0
|
||||||||
Colorado
|
ICO001
|
—
|
|
|
|
|
832
|
|
|
1,379
|
|
|
—
|
|
|
832
|
|
|
1,379
|
|
|
2,211
|
|
|
289
|
|
|
2006
|
|
40.0
|
||||||||
Florida
|
IFL002
|
15,365
|
|
|
(1)
|
|
3,510
|
|
|
20,846
|
|
|
8,279
|
|
|
3,510
|
|
|
29,125
|
|
|
32,635
|
|
|
4,795
|
|
|
2007
|
|
40.0
|
||||||||
Florida
|
IFL004
|
—
|
|
|
|
|
3,048
|
|
|
8,676
|
|
|
—
|
|
|
3,048
|
|
|
8,676
|
|
|
11,724
|
|
|
3,290
|
|
|
1999
|
|
40.0
|
||||||||
Florida
|
IFL005
|
—
|
|
|
|
|
1,612
|
|
|
4,586
|
|
|
(1,408
|
)
|
|
1,241
|
|
|
3,549
|
|
|
4,790
|
|
|
784
|
|
|
1999
|
|
40.0
|
||||||||
Florida
|
IFL006
|
—
|
|
|
|
|
1,476
|
|
|
4,198
|
|
|
(4,497
|
)
|
|
450
|
|
|
727
|
|
|
1,177
|
|
|
521
|
|
|
1999
|
|
40.0
|
||||||||
Georgia
|
IGA001
|
13,373
|
|
|
(1)
|
|
2,791
|
|
|
24,637
|
|
|
349
|
|
|
2,791
|
|
|
24,986
|
|
|
27,777
|
|
|
4,488
|
|
|
2007
|
|
40.0
|
||||||||
Indiana
|
IIN001
|
—
|
|
|
|
|
462
|
|
|
9,224
|
|
|
—
|
|
|
462
|
|
|
9,224
|
|
|
9,686
|
|
|
2,303
|
|
|
2007
|
|
40.0
|
||||||||
Massachusetts
|
IMA001
|
18,400
|
|
|
(1)
|
|
7,439
|
|
|
21,774
|
|
|
10,979
|
|
|
7,439
|
|
|
32,753
|
|
|
40,192
|
|
|
5,391
|
|
|
2007
|
|
40.0
|
||||||||
Michigan
|
IMI001
|
—
|
|
|
|
|
598
|
|
|
9,814
|
|
|
1
|
|
|
598
|
|
|
9,815
|
|
|
10,413
|
|
|
2,476
|
|
|
2007
|
|
40.0
|
||||||||
Minnesota
|
IMN001
|
—
|
|
|
|
|
403
|
|
|
1,147
|
|
|
(344
|
)
|
|
1,206
|
|
|
—
|
|
|
1,206
|
|
|
—
|
|
|
1999
|
|
40.0
|
||||||||
Minnesota
|
IMN002
|
—
|
|
|
|
|
6,705
|
|
|
17,690
|
|
|
—
|
|
|
6,225
|
|
|
18,170
|
|
|
24,395
|
|
|
4,502
|
|
|
2005
|
|
40.0
|
||||||||
North Carolina
|
INC001
|
—
|
|
|
|
|
680
|
|
|
5,947
|
|
|
—
|
|
|
680
|
|
|
5,947
|
|
|
6,627
|
|
|
1,543
|
|
|
2004
|
|
40.0
|
||||||||
New Jersey
|
INJ001
|
21,340
|
|
|
(1)
|
|
8,368
|
|
|
15,376
|
|
|
21,141
|
|
|
8,368
|
|
|
36,517
|
|
|
44,885
|
|
|
6,085
|
|
|
2007
|
|
40.0
|
||||||||
New York
|
INY001
|
—
|
|
|
|
|
1,796
|
|
|
5,108
|
|
|
4
|
|
|
1,796
|
|
|
5,112
|
|
|
6,908
|
|
|
1,939
|
|
|
1999
|
|
40.0
|
||||||||
Texas
|
ITX003
|
—
|
|
|
|
|
3,617
|
|
|
3,432
|
|
|
—
|
|
|
3,617
|
|
|
3,432
|
|
|
7,049
|
|
|
719
|
|
|
2006
|
|
40.0
|
||||||||
Texas
|
ITX004
|
13,278
|
|
|
(1)
|
|
1,631
|
|
|
27,858
|
|
|
(416
|
)
|
|
1,631
|
|
|
27,442
|
|
|
29,073
|
|
|
4,872
|
|
|
2007
|
|
40.0
|
||||||||
Texas
|
ITX005
|
—
|
|
|
|
|
1,314
|
|
|
8,903
|
|
|
46
|
|
|
1,314
|
|
|
8,949
|
|
|
10,263
|
|
|
3,389
|
|
|
1999
|
|
40.0
|
||||||||
Virginia
|
IVA001
|
14,321
|
|
|
(1)
|
|
2,619
|
|
|
28,481
|
|
|
142
|
|
|
2,619
|
|
|
28,623
|
|
|
31,242
|
|
|
5,139
|
|
|
2007
|
|
40.0
|
||||||||
Subtotal
|
|
$
|
141,269
|
|
|
|
|
$
|
112,221
|
|
|
$
|
340,325
|
|
|
$
|
75,408
|
|
|
$
|
111,148
|
|
|
$
|
416,806
|
|
|
$
|
527,954
|
|
|
$
|
105,966
|
|
|
|
|
|
LAND:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Arizona
|
LAZ001
|
—
|
|
|
|
|
96,700
|
|
|
—
|
|
|
—
|
|
|
96,700
|
|
|
—
|
|
|
96,700
|
|
|
—
|
|
|
2010
|
|
0.0
|
||||||||
Arizona
|
LAZ002
|
—
|
|
|
(1)
|
|
13,170
|
|
|
5,144
|
|
|
64
|
|
|
13,170
|
|
|
5,208
|
|
|
18,378
|
|
|
472
|
|
|
2011
|
|
40.0
|
||||||||
California
|
LCA002
|
—
|
|
|
|
|
28,464
|
|
|
2,836
|
|
|
(11,000
|
)
|
|
17,464
|
|
|
2,836
|
|
|
20,300
|
|
|
2,409
|
|
|
2010
|
|
40.0
|
||||||||
California
|
LCA003
|
—
|
|
|
|
|
87,300
|
|
|
—
|
|
|
(11,330
|
)
|
|
75,970
|
|
|
—
|
|
|
75,970
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
California
|
LCA004
|
—
|
|
|
|
|
68,155
|
|
|
—
|
|
|
(21,405
|
)
|
|
46,750
|
|
|
—
|
|
|
46,750
|
|
|
—
|
|
|
2000
|
|
0.0
|
||||||||
California
|
LCA005
|
—
|
|
|
|
|
84,100
|
|
|
—
|
|
|
5,628
|
|
|
89,728
|
|
|
—
|
|
|
89,728
|
|
|
—
|
|
|
2010
|
|
0.0
|
||||||||
California
|
LCA006
|
—
|
|
|
|
|
59,100
|
|
|
—
|
|
|
—
|
|
|
59,100
|
|
|
—
|
|
|
59,100
|
|
|
—
|
|
|
2010
|
|
0.0
|
||||||||
California
|
LCA008
|
—
|
|
|
|
|
30,500
|
|
|
—
|
|
|
—
|
|
|
30,500
|
|
|
—
|
|
|
30,500
|
|
|
—
|
|
|
2011
|
|
0.0
|
||||||||
California
|
LCA009
|
—
|
|
|
|
|
4,095
|
|
|
8,323
|
|
|
1,638
|
|
|
4,095
|
|
|
9,961
|
|
|
14,056
|
|
|
3,507
|
|
|
1999
|
|
40.0
|
||||||||
Florida
|
LFA001
|
—
|
|
|
|
|
7,600
|
|
|
—
|
|
|
—
|
|
|
7,600
|
|
|
—
|
|
|
7,600
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
Florida
|
LFA002
|
—
|
|
|
|
|
8,100
|
|
|
—
|
|
|
—
|
|
|
8,100
|
|
|
—
|
|
|
8,100
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
Florida
|
LFA003
|
—
|
|
|
|
|
26,600
|
|
|
—
|
|
|
27,218
|
|
|
26,600
|
|
|
27,218
|
|
|
53,818
|
|
|
—
|
|
|
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
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Florida
|
LFA004
|
—
|
|
|
|
|
10,440
|
|
|
—
|
|
|
—
|
|
|
10,440
|
|
|
—
|
|
|
10,440
|
|
|
—
|
|
|
2013
|
|
0.0
|
||||||||
Florida
|
LFA005
|
—
|
|
|
|
|
9,300
|
|
|
—
|
|
|
—
|
|
|
9,300
|
|
|
—
|
|
|
9,300
|
|
|
—
|
|
|
2010
|
|
0.0
|
||||||||
Florida
|
LFA006
|
—
|
|
|
|
|
9,300
|
|
|
—
|
|
|
—
|
|
|
9,300
|
|
|
—
|
|
|
9,300
|
|
|
—
|
|
|
2012
|
|
0.0
|
||||||||
Florida
|
LFA007
|
—
|
|
|
|
|
5,883
|
|
|
—
|
|
|
—
|
|
|
5,883
|
|
|
—
|
|
|
5,883
|
|
|
—
|
|
|
2014
|
|
0.0
|
||||||||
Georgia
|
LGA001
|
—
|
|
|
|
|
3,800
|
|
|
—
|
|
|
—
|
|
|
3,800
|
|
|
—
|
|
|
3,800
|
|
|
—
|
|
|
2013
|
|
0.0
|
||||||||
Georgia
|
LGA002
|
—
|
|
|
|
|
1,400
|
|
|
—
|
|
|
—
|
|
|
1,400
|
|
|
—
|
|
|
1,400
|
|
|
—
|
|
|
2013
|
|
0.0
|
||||||||
Maryland
|
LMD001
|
—
|
|
|
|
|
102,938
|
|
|
—
|
|
|
—
|
|
|
102,938
|
|
|
—
|
|
|
102,938
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
Maryland
|
LMD002
|
—
|
|
|
|
|
2,486
|
|
|
—
|
|
|
—
|
|
|
2,486
|
|
|
—
|
|
|
2,486
|
|
|
326
|
|
|
1999
|
|
70.0
|
||||||||
New Jersey
|
LNJ001
|
—
|
|
|
|
|
43,300
|
|
|
—
|
|
|
38,632
|
|
|
81,932
|
|
|
—
|
|
|
81,932
|
|
|
163
|
|
(3)
|
2009
|
|
0.0
|
||||||||
New York
|
LNY001
|
—
|
|
|
|
|
52,461
|
|
|
—
|
|
|
2,525
|
|
|
52,461
|
|
|
2,525
|
|
|
54,986
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
New York
|
LNY002
|
—
|
|
|
|
|
58,900
|
|
|
—
|
|
|
(9,506
|
)
|
|
49,394
|
|
|
—
|
|
|
49,394
|
|
|
—
|
|
|
2011
|
|
0.0
|
||||||||
New York
|
LNY003
|
—
|
|
|
|
|
3,277
|
|
|
—
|
|
|
3,825
|
|
|
3,277
|
|
|
3,825
|
|
|
7,102
|
|
|
—
|
|
|
2013
|
|
0.0
|
||||||||
Oregon
|
LOR001
|
—
|
|
|
|
|
3,674
|
|
|
—
|
|
|
215
|
|
|
3,674
|
|
|
215
|
|
|
3,889
|
|
|
—
|
|
|
2012
|
|
0.0
|
||||||||
Oregon
|
LOR002
|
—
|
|
|
|
|
20,326
|
|
|
—
|
|
|
(9,558
|
)
|
|
10,768
|
|
|
—
|
|
|
10,768
|
|
|
—
|
|
|
2012
|
|
0.0
|
||||||||
Texas
|
LTX001
|
—
|
|
|
|
|
3,375
|
|
|
—
|
|
|
—
|
|
|
3,375
|
|
|
—
|
|
|
3,375
|
|
|
—
|
|
|
2005
|
|
0.0
|
||||||||
Texas
|
LTX002
|
—
|
|
|
|
|
3,621
|
|
|
—
|
|
|
—
|
|
|
3,621
|
|
|
—
|
|
|
3,621
|
|
|
—
|
|
|
2005
|
|
0.0
|
||||||||
Virginia
|
LVA001
|
—
|
|
|
|
|
60,814
|
|
|
—
|
|
|
27,115
|
|
|
87,929
|
|
|
—
|
|
|
87,929
|
|
|
1,554
|
|
(3)
|
2009
|
|
0.0
|
||||||||
Virginia
|
LVA001
|
—
|
|
|
|
|
11,324
|
|
|
—
|
|
|
(8,017
|
)
|
|
3,307
|
|
|
—
|
|
|
3,307
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
Subtotal
|
|
$
|
—
|
|
|
|
|
$
|
920,503
|
|
|
$
|
16,303
|
|
|
$
|
36,044
|
|
|
$
|
921,062
|
|
|
$
|
51,788
|
|
|
$
|
972,850
|
|
|
$
|
8,431
|
|
|
|
|
|
ENTERTAINMENT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Alabama
|
EAL001
|
—
|
|
|
|
|
277
|
|
|
359
|
|
|
(1
|
)
|
|
277
|
|
|
358
|
|
|
635
|
|
|
97
|
|
|
2004
|
|
40.0
|
||||||||
Alabama
|
EAL002
|
—
|
|
|
|
|
319
|
|
|
414
|
|
|
1
|
|
|
319
|
|
|
415
|
|
|
734
|
|
|
112
|
|
|
2004
|
|
40.0
|
||||||||
Arizona
|
EAZ001
|
—
|
|
|
|
|
793
|
|
|
1,027
|
|
|
3
|
|
|
793
|
|
|
1,030
|
|
|
1,823
|
|
|
278
|
|
|
2004
|
|
40.0
|
||||||||
Arizona
|
EAZ002
|
—
|
|
|
|
|
521
|
|
|
673
|
|
|
(1
|
)
|
|
521
|
|
|
672
|
|
|
1,193
|
|
|
183
|
|
|
2004
|
|
40.0
|
||||||||
Arizona
|
EAZ003
|
—
|
|
|
|
|
305
|
|
|
394
|
|
|
(1
|
)
|
|
305
|
|
|
393
|
|
|
698
|
|
|
107
|
|
|
2004
|
|
40.0
|
||||||||
Arizona
|
EAZ004
|
—
|
|
|
|
|
630
|
|
|
815
|
|
|
2
|
|
|
630
|
|
|
817
|
|
|
1,447
|
|
|
221
|
|
|
2004
|
|
40.0
|
||||||||
Arizona
|
EAZ005
|
—
|
|
|
|
|
590
|
|
|
764
|
|
|
2
|
|
|
590
|
|
|
766
|
|
|
1,356
|
|
|
207
|
|
|
2004
|
|
40.0
|
||||||||
Arizona
|
EAZ006
|
—
|
|
|
|
|
476
|
|
|
616
|
|
|
(1
|
)
|
|
476
|
|
|
615
|
|
|
1,091
|
|
|
167
|
|
|
2004
|
|
40.0
|
||||||||
Arizona
|
EAZ007
|
—
|
|
|
|
|
654
|
|
|
845
|
|
|
(1
|
)
|
|
654
|
|
|
844
|
|
|
1,498
|
|
|
229
|
|
|
2004
|
|
40.0
|
||||||||
Arizona
|
EAZ008
|
—
|
|
|
|
|
666
|
|
|
862
|
|
|
(2
|
)
|
|
666
|
|
|
860
|
|
|
1,526
|
|
|
233
|
|
|
2004
|
|
40.0
|
||||||||
Arizona
|
EAZ009
|
—
|
|
|
|
|
460
|
|
|
596
|
|
|
2
|
|
|
460
|
|
|
598
|
|
|
1,058
|
|
|
161
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA001
|
—
|
|
|
|
|
1,097
|
|
|
1,421
|
|
|
3
|
|
|
1,097
|
|
|
1,424
|
|
|
2,521
|
|
|
384
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA002
|
—
|
|
|
|
|
434
|
|
|
560
|
|
|
2
|
|
|
434
|
|
|
562
|
|
|
996
|
|
|
152
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA003
|
—
|
|
|
|
|
332
|
|
|
429
|
|
|
1
|
|
|
332
|
|
|
430
|
|
|
762
|
|
|
116
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA004
|
—
|
|
|
|
|
1,642
|
|
|
2,124
|
|
|
(4
|
)
|
|
1,642
|
|
|
2,120
|
|
|
3,762
|
|
|
575
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA005
|
—
|
|
|
|
|
676
|
|
|
876
|
|
|
2
|
|
|
676
|
|
|
878
|
|
|
1,554
|
|
|
237
|
|
|
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
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
California
|
ECA006
|
—
|
|
|
|
|
720
|
|
|
932
|
|
|
2
|
|
|
720
|
|
|
934
|
|
|
1,654
|
|
|
252
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA007
|
—
|
|
|
|
|
574
|
|
|
743
|
|
|
(1
|
)
|
|
574
|
|
|
742
|
|
|
1,316
|
|
|
201
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA008
|
—
|
|
|
|
|
392
|
|
|
508
|
|
|
(1
|
)
|
|
392
|
|
|
507
|
|
|
899
|
|
|
137
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA009
|
—
|
|
|
|
|
358
|
|
|
464
|
|
|
(1
|
)
|
|
358
|
|
|
463
|
|
|
821
|
|
|
126
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA010
|
—
|
|
|
|
|
—
|
|
|
18,000
|
|
|
—
|
|
|
—
|
|
|
18,000
|
|
|
18,000
|
|
|
4,760
|
|
|
2003
|
|
40.0
|
||||||||
California
|
ECA011
|
—
|
|
|
|
|
852
|
|
|
1,101
|
|
|
(2
|
)
|
|
852
|
|
|
1,099
|
|
|
1,951
|
|
|
298
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA012
|
—
|
|
|
|
|
1,572
|
|
|
2,034
|
|
|
5
|
|
|
1,572
|
|
|
2,039
|
|
|
3,611
|
|
|
551
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA013
|
—
|
|
|
|
|
—
|
|
|
1,953
|
|
|
25,772
|
|
|
—
|
|
|
27,725
|
|
|
27,725
|
|
|
4,042
|
|
|
2008
|
|
40.0
|
||||||||
California
|
ECA014
|
—
|
|
|
|
|
659
|
|
|
852
|
|
|
(2
|
)
|
|
659
|
|
|
850
|
|
|
1,509
|
|
|
231
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA015
|
—
|
|
|
|
|
562
|
|
|
729
|
|
|
1
|
|
|
562
|
|
|
730
|
|
|
1,292
|
|
|
197
|
|
|
2004
|
|
40.0
|
||||||||
California
|
ECA016
|
—
|
|
|
|
|
896
|
|
|
1,159
|
|
|
(2
|
)
|
|
896
|
|
|
1,157
|
|
|
2,053
|
|
|
314
|
|
|
2004
|
|
40.0
|
||||||||
Colorado
|
ECO001
|
—
|
|
|
|
|
466
|
|
|
602
|
|
|
(1
|
)
|
|
466
|
|
|
601
|
|
|
1,067
|
|
|
163
|
|
|
2004
|
|
40.0
|
||||||||
Colorado
|
ECO002
|
—
|
|
|
|
|
640
|
|
|
827
|
|
|
3
|
|
|
640
|
|
|
830
|
|
|
1,470
|
|
|
224
|
|
|
2004
|
|
40.0
|
||||||||
Colorado
|
ECO003
|
—
|
|
|
|
|
729
|
|
|
944
|
|
|
2
|
|
|
729
|
|
|
946
|
|
|
1,675
|
|
|
255
|
|
|
2004
|
|
40.0
|
||||||||
Colorado
|
ECO004
|
—
|
|
|
|
|
536
|
|
|
694
|
|
|
(1
|
)
|
|
536
|
|
|
693
|
|
|
1,229
|
|
|
188
|
|
|
2004
|
|
40.0
|
||||||||
Colorado
|
ECO005
|
—
|
|
|
|
|
412
|
|
|
533
|
|
|
2
|
|
|
412
|
|
|
535
|
|
|
947
|
|
|
144
|
|
|
2004
|
|
40.0
|
||||||||
Colorado
|
ECO006
|
—
|
|
|
|
|
901
|
|
|
1,165
|
|
|
(2
|
)
|
|
901
|
|
|
1,163
|
|
|
2,064
|
|
|
316
|
|
|
2004
|
|
40.0
|
||||||||
Connecticut
|
ECT001
|
—
|
|
|
|
|
1,097
|
|
|
1,420
|
|
|
(2
|
)
|
|
1,097
|
|
|
1,418
|
|
|
2,515
|
|
|
385
|
|
|
2004
|
|
40.0
|
||||||||
Connecticut
|
ECT002
|
—
|
|
|
|
|
330
|
|
|
426
|
|
|
1
|
|
|
330
|
|
|
427
|
|
|
757
|
|
|
115
|
|
|
2004
|
|
40.0
|
||||||||
Delaware
|
EDE001
|
—
|
|
|
|
|
1,076
|
|
|
1,390
|
|
|
7
|
|
|
1,076
|
|
|
1,397
|
|
|
2,473
|
|
|
377
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL001
|
—
|
|
|
|
|
—
|
|
|
41,809
|
|
|
—
|
|
|
—
|
|
|
41,809
|
|
|
41,809
|
|
|
15,198
|
|
|
2005
|
|
27.0
|
||||||||
Florida
|
EFL002
|
—
|
|
|
|
|
412
|
|
|
531
|
|
|
—
|
|
|
412
|
|
|
531
|
|
|
943
|
|
|
144
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL003
|
—
|
|
|
|
|
6,550
|
|
|
—
|
|
|
17,118
|
|
|
6,533
|
|
|
17,135
|
|
|
23,668
|
|
|
3,281
|
|
|
2006
|
|
40.0
|
||||||||
Florida
|
EFL004
|
—
|
|
|
|
|
1,067
|
|
|
1,382
|
|
|
4
|
|
|
1,067
|
|
|
1,386
|
|
|
2,453
|
|
|
374
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL005
|
—
|
|
|
|
|
340
|
|
|
439
|
|
|
(1
|
)
|
|
340
|
|
|
438
|
|
|
778
|
|
|
119
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL006
|
—
|
|
|
|
|
401
|
|
|
520
|
|
|
1
|
|
|
401
|
|
|
521
|
|
|
922
|
|
|
141
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL007
|
—
|
|
|
|
|
507
|
|
|
655
|
|
|
(1
|
)
|
|
507
|
|
|
654
|
|
|
1,161
|
|
|
178
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL008
|
—
|
|
|
|
|
282
|
|
|
364
|
|
|
(1
|
)
|
|
282
|
|
|
363
|
|
|
645
|
|
|
99
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL009
|
—
|
|
|
|
|
352
|
|
|
455
|
|
|
1
|
|
|
352
|
|
|
456
|
|
|
808
|
|
|
123
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL011
|
—
|
|
|
|
|
437
|
|
|
567
|
|
|
1
|
|
|
437
|
|
|
568
|
|
|
1,005
|
|
|
153
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL012
|
—
|
|
|
|
|
532
|
|
|
689
|
|
|
1
|
|
|
532
|
|
|
690
|
|
|
1,222
|
|
|
186
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL014
|
—
|
|
|
|
|
486
|
|
|
629
|
|
|
2
|
|
|
486
|
|
|
631
|
|
|
1,117
|
|
|
170
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL016
|
—
|
|
|
|
|
497
|
|
|
643
|
|
|
(1
|
)
|
|
497
|
|
|
642
|
|
|
1,139
|
|
|
174
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL018
|
—
|
|
|
|
|
643
|
|
|
833
|
|
|
(2
|
)
|
|
643
|
|
|
831
|
|
|
1,474
|
|
|
225
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL019
|
—
|
|
|
|
|
4,200
|
|
|
18,272
|
|
|
—
|
|
|
4,200
|
|
|
18,272
|
|
|
22,472
|
|
|
4,497
|
|
|
2005
|
|
40.0
|
||||||||
Florida
|
EFL020
|
—
|
|
|
|
|
551
|
|
|
714
|
|
|
(2
|
)
|
|
551
|
|
|
712
|
|
|
1,263
|
|
|
193
|
|
|
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
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Florida
|
EFL021
|
—
|
|
|
|
|
364
|
|
|
470
|
|
|
(1
|
)
|
|
364
|
|
|
469
|
|
|
833
|
|
|
127
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL022
|
—
|
|
|
|
|
507
|
|
|
656
|
|
|
2
|
|
|
507
|
|
|
658
|
|
|
1,165
|
|
|
178
|
|
|
2004
|
|
40.0
|
||||||||
Florida
|
EFL023
|
—
|
|
|
|
|
—
|
|
|
19,337
|
|
|
—
|
|
|
—
|
|
|
19,337
|
|
|
19,337
|
|
|
4,759
|
|
|
2005
|
|
40.0
|
||||||||
Georgia
|
EGA001
|
—
|
|
|
|
|
510
|
|
|
660
|
|
|
(2
|
)
|
|
510
|
|
|
658
|
|
|
1,168
|
|
|
179
|
|
|
2004
|
|
40.0
|
||||||||
Georgia
|
EGA002
|
—
|
|
|
|
|
286
|
|
|
371
|
|
|
1
|
|
|
286
|
|
|
372
|
|
|
658
|
|
|
100
|
|
|
2004
|
|
40.0
|
||||||||
Georgia
|
EGA003
|
—
|
|
|
|
|
474
|
|
|
613
|
|
|
1
|
|
|
474
|
|
|
614
|
|
|
1,088
|
|
|
166
|
|
|
2004
|
|
40.0
|
||||||||
Georgia
|
EGA004
|
—
|
|
|
|
|
581
|
|
|
752
|
|
|
2
|
|
|
581
|
|
|
754
|
|
|
1,335
|
|
|
203
|
|
|
2004
|
|
40.0
|
||||||||
Georgia
|
EGA005
|
—
|
|
|
|
|
718
|
|
|
930
|
|
|
(2
|
)
|
|
718
|
|
|
928
|
|
|
1,646
|
|
|
252
|
|
|
2004
|
|
40.0
|
||||||||
Georgia
|
EGA006
|
—
|
|
|
|
|
546
|
|
|
706
|
|
|
2
|
|
|
546
|
|
|
708
|
|
|
1,254
|
|
|
191
|
|
|
2004
|
|
40.0
|
||||||||
Georgia
|
EGA007
|
—
|
|
|
|
|
502
|
|
|
651
|
|
|
(1
|
)
|
|
502
|
|
|
650
|
|
|
1,152
|
|
|
176
|
|
|
2004
|
|
40.0
|
||||||||
Illinois
|
EIL001
|
—
|
|
|
|
|
335
|
|
|
434
|
|
|
1
|
|
|
335
|
|
|
435
|
|
|
770
|
|
|
117
|
|
|
2004
|
|
40.0
|
||||||||
Illinois
|
EIL002
|
—
|
|
|
|
|
481
|
|
|
622
|
|
|
1
|
|
|
481
|
|
|
623
|
|
|
1,104
|
|
|
168
|
|
|
2004
|
|
40.0
|
||||||||
Illinois
|
EIL003
|
—
|
|
|
|
|
8,803
|
|
|
57
|
|
|
30,479
|
|
|
8,803
|
|
|
30,536
|
|
|
39,339
|
|
|
5,583
|
|
|
2006
|
|
40.0
|
||||||||
Illinois
|
EIL004
|
—
|
|
|
|
|
433
|
|
|
560
|
|
|
(2
|
)
|
|
433
|
|
|
558
|
|
|
991
|
|
|
152
|
|
|
2004
|
|
40.0
|
||||||||
Illinois
|
EIL005
|
—
|
|
|
|
|
431
|
|
|
557
|
|
|
(1
|
)
|
|
431
|
|
|
556
|
|
|
987
|
|
|
151
|
|
|
2004
|
|
40.0
|
||||||||
Indiana
|
EIN001
|
—
|
|
|
|
|
542
|
|
|
701
|
|
|
(1
|
)
|
|
542
|
|
|
700
|
|
|
1,242
|
|
|
190
|
|
|
2004
|
|
40.0
|
||||||||
Kentucky
|
EKY001
|
—
|
|
|
|
|
417
|
|
|
539
|
|
|
1
|
|
|
417
|
|
|
540
|
|
|
957
|
|
|
146
|
|
|
2004
|
|
40.0
|
||||||||
Kentucky
|
EKY002
|
—
|
|
|
|
|
365
|
|
|
473
|
|
|
(1
|
)
|
|
365
|
|
|
472
|
|
|
837
|
|
|
128
|
|
|
2004
|
|
40.0
|
||||||||
Massachusetts
|
EMA001
|
—
|
|
|
|
|
523
|
|
|
678
|
|
|
(2
|
)
|
|
523
|
|
|
676
|
|
|
1,199
|
|
|
183
|
|
|
2004
|
|
40.0
|
||||||||
Massachusetts
|
EMA002
|
—
|
|
|
|
|
548
|
|
|
711
|
|
|
1
|
|
|
548
|
|
|
712
|
|
|
1,260
|
|
|
192
|
|
|
2004
|
|
40.0
|
||||||||
Massachusetts
|
EMA003
|
—
|
|
|
|
|
519
|
|
|
672
|
|
|
(2
|
)
|
|
519
|
|
|
670
|
|
|
1,189
|
|
|
182
|
|
|
2004
|
|
40.0
|
||||||||
Massachusetts
|
EMA004
|
—
|
|
|
|
|
344
|
|
|
445
|
|
|
1
|
|
|
344
|
|
|
446
|
|
|
790
|
|
|
120
|
|
|
2004
|
|
40.0
|
||||||||
Maryland
|
EMD001
|
—
|
|
|
|
|
428
|
|
|
554
|
|
|
1
|
|
|
428
|
|
|
555
|
|
|
983
|
|
|
150
|
|
|
2004
|
|
40.0
|
||||||||
Maryland
|
EMD002
|
—
|
|
|
|
|
575
|
|
|
745
|
|
|
2
|
|
|
575
|
|
|
747
|
|
|
1,322
|
|
|
202
|
|
|
2004
|
|
40.0
|
||||||||
Maryland
|
EMD003
|
—
|
|
|
|
|
362
|
|
|
468
|
|
|
(1
|
)
|
|
362
|
|
|
467
|
|
|
829
|
|
|
127
|
|
|
2004
|
|
40.0
|
||||||||
Maryland
|
EMD004
|
—
|
|
|
|
|
884
|
|
|
1,145
|
|
|
(3
|
)
|
|
884
|
|
|
1,142
|
|
|
2,026
|
|
|
310
|
|
|
2004
|
|
40.0
|
||||||||
Maryland
|
EMD006
|
—
|
|
|
|
|
399
|
|
|
518
|
|
|
(1
|
)
|
|
399
|
|
|
517
|
|
|
916
|
|
|
140
|
|
|
2004
|
|
40.0
|
||||||||
Maryland
|
EMD007
|
—
|
|
|
|
|
649
|
|
|
839
|
|
|
(2
|
)
|
|
649
|
|
|
837
|
|
|
1,486
|
|
|
227
|
|
|
2004
|
|
40.0
|
||||||||
Maryland
|
EMD008
|
—
|
|
|
|
|
366
|
|
|
473
|
|
|
—
|
|
|
366
|
|
|
473
|
|
|
839
|
|
|
128
|
|
|
2004
|
|
40.0
|
||||||||
Maryland
|
EMD009
|
—
|
|
|
|
|
398
|
|
|
516
|
|
|
(1
|
)
|
|
398
|
|
|
515
|
|
|
913
|
|
|
140
|
|
|
2004
|
|
40.0
|
||||||||
Maryland
|
EMD011
|
—
|
|
|
|
|
1,126
|
|
|
1,458
|
|
|
3
|
|
|
1,126
|
|
|
1,461
|
|
|
2,587
|
|
|
394
|
|
|
2004
|
|
40.0
|
||||||||
Michigan
|
EMI002
|
—
|
|
|
|
|
516
|
|
|
667
|
|
|
(1
|
)
|
|
516
|
|
|
666
|
|
|
1,182
|
|
|
181
|
|
|
2004
|
|
40.0
|
||||||||
Michigan
|
EMI003
|
—
|
|
|
|
|
554
|
|
|
718
|
|
|
2
|
|
|
554
|
|
|
720
|
|
|
1,274
|
|
|
194
|
|
|
2004
|
|
40.0
|
||||||||
Michigan
|
EMI004
|
—
|
|
|
|
|
387
|
|
|
500
|
|
|
(1
|
)
|
|
387
|
|
|
499
|
|
|
886
|
|
|
136
|
|
|
2004
|
|
40.0
|
||||||||
Michigan
|
EMI005
|
—
|
|
|
|
|
533
|
|
|
691
|
|
|
(2
|
)
|
|
533
|
|
|
689
|
|
|
1,222
|
|
|
187
|
|
|
2004
|
|
40.0
|
||||||||
Minnesota
|
EMN001
|
—
|
|
|
|
|
666
|
|
|
861
|
|
|
(2
|
)
|
|
666
|
|
|
859
|
|
|
1,525
|
|
|
233
|
|
|
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
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Minnesota
|
EMN002
|
—
|
|
|
|
|
2,962
|
|
|
—
|
|
|
15,384
|
|
|
2,962
|
|
|
15,384
|
|
|
18,346
|
|
|
3,078
|
|
|
2006
|
|
40.0
|
||||||||
Minnesota
|
EMN004
|
—
|
|
|
|
|
2,437
|
|
|
8,715
|
|
|
679
|
|
|
2,437
|
|
|
9,394
|
|
|
11,831
|
|
|
2,292
|
|
|
2006
|
|
40.0
|
||||||||
Missouri
|
EMO001
|
—
|
|
|
|
|
334
|
|
|
432
|
|
|
1
|
|
|
334
|
|
|
433
|
|
|
767
|
|
|
117
|
|
|
2004
|
|
40.0
|
||||||||
Missouri
|
EMO002
|
—
|
|
|
|
|
404
|
|
|
523
|
|
|
(2
|
)
|
|
404
|
|
|
521
|
|
|
925
|
|
|
142
|
|
|
2004
|
|
40.0
|
||||||||
Missouri
|
EMO003
|
—
|
|
|
|
|
462
|
|
|
597
|
|
|
(1
|
)
|
|
462
|
|
|
596
|
|
|
1,058
|
|
|
162
|
|
|
2004
|
|
40.0
|
||||||||
Missouri
|
EMO004
|
—
|
|
|
|
|
878
|
|
|
1,139
|
|
|
3
|
|
|
878
|
|
|
1,142
|
|
|
2,020
|
|
|
308
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC001
|
—
|
|
|
|
|
397
|
|
|
513
|
|
|
1
|
|
|
397
|
|
|
514
|
|
|
911
|
|
|
139
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC002
|
—
|
|
|
|
|
476
|
|
|
615
|
|
|
(1
|
)
|
|
476
|
|
|
614
|
|
|
1,090
|
|
|
167
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC003
|
—
|
|
|
|
|
410
|
|
|
530
|
|
|
(1
|
)
|
|
410
|
|
|
529
|
|
|
939
|
|
|
144
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC004
|
—
|
|
|
|
|
402
|
|
|
520
|
|
|
(1
|
)
|
|
402
|
|
|
519
|
|
|
921
|
|
|
141
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC005
|
—
|
|
|
|
|
948
|
|
|
1,227
|
|
|
3
|
|
|
948
|
|
|
1,230
|
|
|
2,178
|
|
|
332
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC006
|
—
|
|
|
|
|
259
|
|
|
336
|
|
|
(1
|
)
|
|
259
|
|
|
335
|
|
|
594
|
|
|
91
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC007
|
—
|
|
|
|
|
349
|
|
|
452
|
|
|
1
|
|
|
349
|
|
|
453
|
|
|
802
|
|
|
122
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC008
|
—
|
|
|
|
|
640
|
|
|
828
|
|
|
2
|
|
|
640
|
|
|
830
|
|
|
1,470
|
|
|
224
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC009
|
—
|
|
|
|
|
409
|
|
|
531
|
|
|
1
|
|
|
409
|
|
|
532
|
|
|
941
|
|
|
143
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC010
|
—
|
|
|
|
|
965
|
|
|
1,249
|
|
|
(3
|
)
|
|
965
|
|
|
1,246
|
|
|
2,211
|
|
|
338
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC011
|
—
|
|
|
|
|
475
|
|
|
615
|
|
|
1
|
|
|
475
|
|
|
616
|
|
|
1,091
|
|
|
166
|
|
|
2004
|
|
40.0
|
||||||||
North Carolina
|
ENC012
|
—
|
|
|
|
|
494
|
|
|
638
|
|
|
(1
|
)
|
|
494
|
|
|
637
|
|
|
1,131
|
|
|
173
|
|
|
2004
|
|
40.0
|
||||||||
New Jersey
|
ENJ001
|
—
|
|
|
|
|
1,560
|
|
|
2,019
|
|
|
(4
|
)
|
|
1,560
|
|
|
2,015
|
|
|
3,575
|
|
|
547
|
|
|
2004
|
|
40.0
|
||||||||
New Jersey
|
ENJ002
|
—
|
|
|
|
|
830
|
|
|
1,075
|
|
|
2
|
|
|
830
|
|
|
1,077
|
|
|
1,907
|
|
|
291
|
|
|
2004
|
|
40.0
|
||||||||
Nevada
|
ENV001
|
—
|
|
|
|
|
440
|
|
|
569
|
|
|
(1
|
)
|
|
440
|
|
|
568
|
|
|
1,008
|
|
|
154
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY001
|
—
|
|
|
|
|
603
|
|
|
779
|
|
|
(1
|
)
|
|
603
|
|
|
778
|
|
|
1,381
|
|
|
211
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY002
|
—
|
|
|
|
|
442
|
|
|
571
|
|
|
2
|
|
|
442
|
|
|
573
|
|
|
1,015
|
|
|
155
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY004
|
—
|
|
|
|
|
385
|
|
|
499
|
|
|
(1
|
)
|
|
385
|
|
|
498
|
|
|
883
|
|
|
135
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY005
|
—
|
|
|
|
|
350
|
|
|
453
|
|
|
1
|
|
|
350
|
|
|
454
|
|
|
804
|
|
|
123
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY006
|
—
|
|
|
|
|
326
|
|
|
421
|
|
|
2
|
|
|
326
|
|
|
423
|
|
|
749
|
|
|
114
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY007
|
—
|
|
|
|
|
494
|
|
|
640
|
|
|
2
|
|
|
494
|
|
|
642
|
|
|
1,136
|
|
|
173
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY008
|
—
|
|
|
|
|
320
|
|
|
414
|
|
|
(1
|
)
|
|
320
|
|
|
413
|
|
|
733
|
|
|
112
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY009
|
—
|
|
|
|
|
399
|
|
|
516
|
|
|
(1
|
)
|
|
399
|
|
|
515
|
|
|
914
|
|
|
140
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY010
|
—
|
|
|
|
|
959
|
|
|
1,240
|
|
|
(3
|
)
|
|
959
|
|
|
1,237
|
|
|
2,196
|
|
|
336
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY011
|
—
|
|
|
|
|
587
|
|
|
761
|
|
|
2
|
|
|
587
|
|
|
763
|
|
|
1,350
|
|
|
206
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY012
|
—
|
|
|
|
|
521
|
|
|
675
|
|
|
(2
|
)
|
|
521
|
|
|
673
|
|
|
1,194
|
|
|
183
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY013
|
—
|
|
|
|
|
711
|
|
|
920
|
|
|
2
|
|
|
711
|
|
|
922
|
|
|
1,633
|
|
|
249
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY014
|
—
|
|
|
|
|
558
|
|
|
723
|
|
|
(2
|
)
|
|
558
|
|
|
721
|
|
|
1,279
|
|
|
196
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY015
|
—
|
|
|
|
|
747
|
|
|
967
|
|
|
3
|
|
|
747
|
|
|
970
|
|
|
1,717
|
|
|
262
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY016
|
—
|
|
|
|
|
683
|
|
|
885
|
|
|
(2
|
)
|
|
683
|
|
|
883
|
|
|
1,566
|
|
|
240
|
|
|
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
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
New York
|
ENY017
|
—
|
|
|
|
|
1,492
|
|
|
1,933
|
|
|
4
|
|
|
1,492
|
|
|
1,937
|
|
|
3,429
|
|
|
523
|
|
|
2004
|
|
40.0
|
||||||||
New York
|
ENY018
|
—
|
|
|
|
|
1,471
|
|
|
1,904
|
|
|
(4
|
)
|
|
1,471
|
|
|
1,900
|
|
|
3,371
|
|
|
516
|
|
|
2004
|
|
40.0
|
||||||||
Ohio
|
EOH001
|
—
|
|
|
|
|
434
|
|
|
562
|
|
|
1
|
|
|
434
|
|
|
563
|
|
|
997
|
|
|
152
|
|
|
2004
|
|
40.0
|
||||||||
Ohio
|
EOH002
|
—
|
|
|
|
|
967
|
|
|
1,252
|
|
|
(2
|
)
|
|
967
|
|
|
1,250
|
|
|
2,217
|
|
|
339
|
|
|
2004
|
|
40.0
|
||||||||
Ohio
|
EOH003
|
—
|
|
|
|
|
281
|
|
|
365
|
|
|
(1
|
)
|
|
281
|
|
|
364
|
|
|
645
|
|
|
99
|
|
|
2004
|
|
40.0
|
||||||||
Ohio
|
EOH004
|
—
|
|
|
|
|
393
|
|
|
508
|
|
|
2
|
|
|
393
|
|
|
510
|
|
|
903
|
|
|
138
|
|
|
2004
|
|
40.0
|
||||||||
Oklahoma
|
EOK001
|
—
|
|
|
|
|
431
|
|
|
557
|
|
|
(1
|
)
|
|
431
|
|
|
556
|
|
|
987
|
|
|
151
|
|
|
2004
|
|
40.0
|
||||||||
Oklahoma
|
EOK002
|
—
|
|
|
|
|
954
|
|
|
1,235
|
|
|
3
|
|
|
954
|
|
|
1,238
|
|
|
2,192
|
|
|
334
|
|
|
2004
|
|
40.0
|
||||||||
Oregon
|
EOR002
|
—
|
|
|
|
|
393
|
|
|
508
|
|
|
(1
|
)
|
|
393
|
|
|
507
|
|
|
900
|
|
|
138
|
|
|
2004
|
|
40.0
|
||||||||
Pennsylvania
|
EPA001
|
—
|
|
|
|
|
407
|
|
|
527
|
|
|
1
|
|
|
407
|
|
|
528
|
|
|
935
|
|
|
143
|
|
|
2004
|
|
40.0
|
||||||||
Pennsylvania
|
EPA002
|
—
|
|
|
|
|
421
|
|
|
544
|
|
|
2
|
|
|
421
|
|
|
546
|
|
|
967
|
|
|
147
|
|
|
2004
|
|
40.0
|
||||||||
Pennsylvania
|
EPA003
|
—
|
|
|
|
|
409
|
|
|
528
|
|
|
(1
|
)
|
|
409
|
|
|
527
|
|
|
936
|
|
|
143
|
|
|
2004
|
|
40.0
|
||||||||
Pennsylvania
|
EPA004
|
—
|
|
|
|
|
407
|
|
|
527
|
|
|
(1
|
)
|
|
407
|
|
|
526
|
|
|
933
|
|
|
143
|
|
|
2004
|
|
40.0
|
||||||||
Puerto Rico
|
EPR001
|
—
|
|
|
|
|
950
|
|
|
1,230
|
|
|
3
|
|
|
950
|
|
|
1,233
|
|
|
2,183
|
|
|
333
|
|
|
2004
|
|
40.0
|
||||||||
Rhode Island
|
ERI001
|
—
|
|
|
|
|
850
|
|
|
1,100
|
|
|
(2
|
)
|
|
850
|
|
|
1,098
|
|
|
1,948
|
|
|
298
|
|
|
2004
|
|
40.0
|
||||||||
South Carolina
|
ESC002
|
—
|
|
|
|
|
332
|
|
|
429
|
|
|
1
|
|
|
332
|
|
|
430
|
|
|
762
|
|
|
116
|
|
|
2004
|
|
40.0
|
||||||||
South Carolina
|
ESC003
|
—
|
|
|
|
|
924
|
|
|
1,196
|
|
|
3
|
|
|
924
|
|
|
1,199
|
|
|
2,123
|
|
|
324
|
|
|
2004
|
|
40.0
|
||||||||
Tennessee
|
ETN001
|
—
|
|
|
|
|
260
|
|
|
338
|
|
|
—
|
|
|
260
|
|
|
338
|
|
|
598
|
|
|
91
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX001
|
—
|
|
|
|
|
1,045
|
|
|
1,353
|
|
|
3
|
|
|
1,045
|
|
|
1,356
|
|
|
2,401
|
|
|
366
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX002
|
—
|
|
|
|
|
593
|
|
|
767
|
|
|
(2
|
)
|
|
593
|
|
|
765
|
|
|
1,358
|
|
|
208
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX004
|
—
|
|
|
|
|
838
|
|
|
1,083
|
|
|
(2
|
)
|
|
838
|
|
|
1,081
|
|
|
1,919
|
|
|
294
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX005
|
—
|
|
|
|
|
528
|
|
|
682
|
|
|
(1
|
)
|
|
528
|
|
|
681
|
|
|
1,209
|
|
|
185
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX006
|
—
|
|
|
|
|
480
|
|
|
622
|
|
|
(1
|
)
|
|
480
|
|
|
621
|
|
|
1,101
|
|
|
168
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX007
|
—
|
|
|
|
|
975
|
|
|
1,261
|
|
|
(3
|
)
|
|
975
|
|
|
1,258
|
|
|
2,233
|
|
|
342
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX008
|
—
|
|
|
|
|
1,108
|
|
|
1,433
|
|
|
(3
|
)
|
|
1,108
|
|
|
1,430
|
|
|
2,538
|
|
|
388
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX009
|
—
|
|
|
|
|
425
|
|
|
549
|
|
|
(56
|
)
|
|
425
|
|
|
493
|
|
|
918
|
|
|
140
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX010
|
—
|
|
|
|
|
518
|
|
|
671
|
|
|
2
|
|
|
518
|
|
|
673
|
|
|
1,191
|
|
|
182
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX011
|
—
|
|
|
|
|
758
|
|
|
981
|
|
|
3
|
|
|
758
|
|
|
984
|
|
|
1,742
|
|
|
266
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX013
|
—
|
|
|
|
|
375
|
|
|
485
|
|
|
(1
|
)
|
|
375
|
|
|
484
|
|
|
859
|
|
|
131
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX014
|
—
|
|
|
|
|
438
|
|
|
567
|
|
|
(1
|
)
|
|
438
|
|
|
566
|
|
|
1,004
|
|
|
154
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX017
|
—
|
|
|
|
|
561
|
|
|
726
|
|
|
2
|
|
|
561
|
|
|
728
|
|
|
1,289
|
|
|
196
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX018
|
—
|
|
|
|
|
753
|
|
|
976
|
|
|
2
|
|
|
753
|
|
|
978
|
|
|
1,731
|
|
|
264
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX019
|
—
|
|
|
|
|
521
|
|
|
675
|
|
|
2
|
|
|
521
|
|
|
677
|
|
|
1,198
|
|
|
183
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX020
|
—
|
|
|
|
|
634
|
|
|
821
|
|
|
(1
|
)
|
|
634
|
|
|
820
|
|
|
1,454
|
|
|
222
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX021
|
—
|
|
|
|
|
379
|
|
|
491
|
|
|
(1
|
)
|
|
379
|
|
|
490
|
|
|
869
|
|
|
133
|
|
|
2004
|
|
40.0
|
||||||||
Texas
|
ETX022
|
—
|
|
|
|
|
592
|
|
|
766
|
|
|
2
|
|
|
592
|
|
|
768
|
|
|
1,360
|
|
|
207
|
|
|
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
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Utah
|
EUT001
|
—
|
|
|
|
|
624
|
|
|
808
|
|
|
2
|
|
|
624
|
|
|
810
|
|
|
1,434
|
|
|
219
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA001
|
—
|
|
|
|
|
1,134
|
|
|
1,467
|
|
|
4
|
|
|
1,134
|
|
|
1,471
|
|
|
2,605
|
|
|
397
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA002
|
—
|
|
|
|
|
845
|
|
|
1,094
|
|
|
2
|
|
|
845
|
|
|
1,096
|
|
|
1,941
|
|
|
296
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA003
|
—
|
|
|
|
|
884
|
|
|
1,145
|
|
|
(2
|
)
|
|
884
|
|
|
1,143
|
|
|
2,027
|
|
|
310
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA004
|
—
|
|
|
|
|
953
|
|
|
1,233
|
|
|
(3
|
)
|
|
953
|
|
|
1,230
|
|
|
2,183
|
|
|
334
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA005
|
—
|
|
|
|
|
487
|
|
|
632
|
|
|
1
|
|
|
487
|
|
|
633
|
|
|
1,120
|
|
|
171
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA006
|
—
|
|
|
|
|
425
|
|
|
550
|
|
|
(1
|
)
|
|
425
|
|
|
549
|
|
|
974
|
|
|
149
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA007
|
—
|
|
|
|
|
1,151
|
|
|
1,490
|
|
|
(3
|
)
|
|
1,151
|
|
|
1,487
|
|
|
2,638
|
|
|
403
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA008
|
—
|
|
|
|
|
546
|
|
|
707
|
|
|
2
|
|
|
546
|
|
|
709
|
|
|
1,255
|
|
|
191
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA009
|
—
|
|
|
|
|
851
|
|
|
1,103
|
|
|
3
|
|
|
851
|
|
|
1,106
|
|
|
1,957
|
|
|
298
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA010
|
—
|
|
|
|
|
819
|
|
|
1,061
|
|
|
2
|
|
|
819
|
|
|
1,063
|
|
|
1,882
|
|
|
287
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA011
|
—
|
|
|
|
|
958
|
|
|
1,240
|
|
|
3
|
|
|
958
|
|
|
1,243
|
|
|
2,201
|
|
|
336
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA012
|
—
|
|
|
|
|
788
|
|
|
1,020
|
|
|
(2
|
)
|
|
788
|
|
|
1,018
|
|
|
1,806
|
|
|
276
|
|
|
2004
|
|
40.0
|
||||||||
Virginia
|
EVA013
|
—
|
|
|
|
|
554
|
|
|
716
|
|
|
(1
|
)
|
|
554
|
|
|
715
|
|
|
1,269
|
|
|
194
|
|
|
2004
|
|
40.0
|
||||||||
Washington
|
EWA001
|
—
|
|
|
|
|
1,500
|
|
|
6,500
|
|
|
—
|
|
|
1,500
|
|
|
6,500
|
|
|
8,000
|
|
|
2,116
|
|
|
2003
|
|
40.0
|
||||||||
Wisconsin
|
EWI001
|
—
|
|
|
|
|
521
|
|
|
673
|
|
|
4
|
|
|
521
|
|
|
677
|
|
|
1,198
|
|
|
183
|
|
|
2004
|
|
40.0
|
||||||||
Wisconsin
|
EWI002
|
—
|
|
|
|
|
413
|
|
|
535
|
|
|
2
|
|
|
413
|
|
|
537
|
|
|
950
|
|
|
145
|
|
|
2004
|
|
40.0
|
||||||||
Wisconsin
|
EWI003
|
—
|
|
|
|
|
542
|
|
|
702
|
|
|
(2
|
)
|
|
542
|
|
|
700
|
|
|
1,242
|
|
|
190
|
|
|
2004
|
|
40.0
|
||||||||
Wisconsin
|
EWI004
|
—
|
|
|
|
|
793
|
|
|
1,025
|
|
|
(2
|
)
|
|
793
|
|
|
1,023
|
|
|
1,816
|
|
|
278
|
|
|
2004
|
|
40.0
|
||||||||
Wisconsin
|
EWI005
|
—
|
|
|
|
|
1,124
|
|
|
1,455
|
|
|
10
|
|
|
1,124
|
|
|
1,465
|
|
|
2,589
|
|
|
394
|
|
|
2004
|
|
40.0
|
||||||||
Subtotal
|
|
$
|
—
|
|
|
|
|
$
|
129,798
|
|
|
$
|
248,396
|
|
|
$
|
89,411
|
|
|
$
|
129,781
|
|
|
$
|
337,824
|
|
|
$
|
467,605
|
|
|
$
|
85,812
|
|
|
|
|
|
RETAIL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Arizona
|
RAZ003
|
—
|
|
|
|
|
2,625
|
|
|
4,875
|
|
|
1,355
|
|
|
2,625
|
|
|
6,230
|
|
|
8,855
|
|
|
515
|
|
|
2009
|
|
40.0
|
||||||||
Arizona
|
RAZ004
|
—
|
|
|
|
|
2,184
|
|
|
4,056
|
|
|
(1,588
|
)
|
|
2,184
|
|
|
2,468
|
|
|
4,652
|
|
|
194
|
|
|
2009
|
|
40.0
|
||||||||
Arizona
|
RAZ005
|
—
|
|
|
(1)
|
|
2,657
|
|
|
2,666
|
|
|
(277
|
)
|
|
2,657
|
|
|
2,389
|
|
|
5,046
|
|
|
326
|
|
|
2011
|
|
40.0
|
||||||||
California
|
RCA001
|
—
|
|
|
|
|
2,569
|
|
|
3,031
|
|
|
370
|
|
|
2,569
|
|
|
3,401
|
|
|
5,970
|
|
|
413
|
|
|
2010
|
|
40.0
|
||||||||
Colorado
|
RCO001
|
—
|
|
|
(1)
|
|
2,631
|
|
|
279
|
|
|
5,195
|
|
|
2,607
|
|
|
5,498
|
|
|
8,105
|
|
|
1,048
|
|
|
2006
|
|
40.0
|
||||||||
Florida
|
RFL003
|
—
|
|
|
(1)
|
|
3,950
|
|
|
—
|
|
|
10,285
|
|
|
3,908
|
|
|
10,327
|
|
|
14,235
|
|
|
2,147
|
|
|
2005
|
|
40.0
|
||||||||
Hawaii
|
RHI001
|
—
|
|
|
|
|
3,393
|
|
|
21,155
|
|
|
(10,144
|
)
|
|
3,393
|
|
|
11,011
|
|
|
14,404
|
|
|
1,895
|
|
|
2009
|
|
40.0
|
||||||||
Illinois
|
RIL001
|
—
|
|
|
(1)
|
|
—
|
|
|
336
|
|
|
1,193
|
|
|
—
|
|
|
1,529
|
|
|
1,529
|
|
|
406
|
|
|
2010
|
|
40.0
|
||||||||
Illinois
|
RIL002
|
—
|
|
|
|
|
14,934
|
|
|
29,675
|
|
|
5,606
|
|
|
14,934
|
|
|
35,281
|
|
|
50,215
|
|
|
2,961
|
|
|
2012
|
|
40.0
|
||||||||
New Mexico
|
RNM001
|
—
|
|
|
(1)
|
|
1,733
|
|
|
—
|
|
|
8,370
|
|
|
1,705
|
|
|
8,398
|
|
|
10,103
|
|
|
1,592
|
|
|
2005
|
|
40.0
|
||||||||
New York
|
RNY001
|
—
|
|
|
(1)
|
|
731
|
|
|
6,073
|
|
|
699
|
|
|
711
|
|
|
6,792
|
|
|
7,503
|
|
|
1,725
|
|
|
2005
|
|
40.0
|
||||||||
Pennsylvania
|
RPA001
|
—
|
|
|
|
|
5,687
|
|
|
56,950
|
|
|
2,367
|
|
|
5,687
|
|
|
59,317
|
|
|
65,004
|
|
|
6,264
|
|
|
2011
|
|
40.0
|
||||||||
South Carolina
|
RSC001
|
—
|
|
|
|
|
2,126
|
|
|
948
|
|
|
(723
|
)
|
|
1,337
|
|
|
1,014
|
|
|
2,351
|
|
|
185
|
|
|
2007
|
|
40.0
|
||||||||
Texas
|
RTX001
|
—
|
|
|
(1)
|
|
3,538
|
|
|
4,215
|
|
|
171
|
|
|
3,514
|
|
|
4,410
|
|
|
7,924
|
|
|
1,249
|
|
|
2005
|
|
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
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
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
|
|
|
1,226
|
|
|
2005
|
|
40.0
|
||||||||
Virginia
|
RVA001
|
—
|
|
|
|
|
4,720
|
|
|
16,711
|
|
|
—
|
|
|
4,720
|
|
|
16,711
|
|
|
21,431
|
|
|
1,010
|
|
|
2011
|
|
40.0
|
||||||||
Subtotal
|
|
$
|
—
|
|
|
|
|
$
|
58,835
|
|
|
$
|
154,415
|
|
|
$
|
27,654
|
|
|
$
|
57,908
|
|
|
$
|
182,996
|
|
|
$
|
240,904
|
|
|
$
|
23,156
|
|
|
|
|
|
HOTEL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
California
|
HCA002
|
—
|
|
|
(1)
|
|
4,394
|
|
|
27,030
|
|
|
(871
|
)
|
|
4,394
|
|
|
26,159
|
|
|
30,553
|
|
|
11,311
|
|
|
1998
|
|
40.0
|
||||||||
California
|
HCA003
|
—
|
|
|
(1)
|
|
3,308
|
|
|
20,623
|
|
|
(664
|
)
|
|
3,308
|
|
|
19,959
|
|
|
23,267
|
|
|
8,614
|
|
|
1998
|
|
40.0
|
||||||||
Colorado
|
HCO001
|
—
|
|
|
(1)
|
|
1,242
|
|
|
7,865
|
|
|
(253
|
)
|
|
1,242
|
|
|
7,612
|
|
|
8,854
|
|
|
3,278
|
|
|
1998
|
|
40.0
|
||||||||
Georgia
|
HGA001
|
—
|
|
|
|
|
6,378
|
|
|
25,514
|
|
|
858
|
|
|
6,378
|
|
|
26,372
|
|
|
32,750
|
|
|
3,700
|
|
|
2010
|
|
40.0
|
||||||||
Hawaii
|
HHI001
|
—
|
|
|
(1)
|
|
17,996
|
|
|
17,996
|
|
|
6,573
|
|
|
17,996
|
|
|
24,569
|
|
|
42,565
|
|
|
4,531
|
|
|
2009
|
|
40.0
|
||||||||
Hawaii
|
HHI002
|
—
|
|
|
|
|
3,000
|
|
|
12,000
|
|
|
1,090
|
|
|
3,000
|
|
|
13,090
|
|
|
16,090
|
|
|
1,628
|
|
|
2009
|
|
40.0
|
||||||||
Utah
|
HUT001
|
—
|
|
|
(1)
|
|
5,620
|
|
|
32,695
|
|
|
(1,058
|
)
|
|
5,620
|
|
|
31,637
|
|
|
37,257
|
|
|
13,790
|
|
|
1998
|
|
40.0
|
||||||||
Washington
|
HWA004
|
—
|
|
|
(1)
|
|
5,101
|
|
|
32,080
|
|
|
(1,031
|
)
|
|
5,101
|
|
|
31,049
|
|
|
36,150
|
|
|
13,383
|
|
|
1998
|
|
40.0
|
||||||||
Subtotal
|
|
$
|
—
|
|
|
|
|
$
|
47,039
|
|
|
$
|
175,803
|
|
|
$
|
4,644
|
|
|
$
|
47,039
|
|
|
$
|
180,447
|
|
|
$
|
227,486
|
|
|
$
|
60,235
|
|
|
|
|
|
APARTMENT/RESIDENTIAL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Arizona
|
AAZ001
|
—
|
|
|
|
|
2,423
|
|
|
—
|
|
|
13,372
|
|
|
2,423
|
|
|
13,372
|
|
|
15,795
|
|
|
—
|
|
|
2010
|
|
0.0
|
||||||||
California
|
ACA001
|
—
|
|
|
|
|
7,333
|
|
|
29,333
|
|
|
(33,290
|
)
|
|
675
|
|
|
2,701
|
|
|
3,376
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
California
|
ACA002
|
—
|
|
|
|
|
10,078
|
|
|
40,312
|
|
|
(43,252
|
)
|
|
1,428
|
|
|
5,710
|
|
|
7,138
|
|
|
—
|
|
|
2007
|
|
0.0
|
||||||||
Florida
|
AFL001
|
—
|
|
|
|
|
2,394
|
|
|
24,206
|
|
|
(26,420
|
)
|
|
16
|
|
|
164
|
|
|
180
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
Florida
|
AFL002
|
—
|
|
|
|
|
6,540
|
|
|
15,260
|
|
|
(21,800
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2010
|
|
0.0
|
||||||||
Florida
|
AFL003
|
—
|
|
|
|
|
30,900
|
|
|
30,900
|
|
|
(56,430
|
)
|
|
2,685
|
|
|
2,685
|
|
|
5,370
|
|
|
—
|
|
|
2011
|
|
0.0
|
||||||||
Georgia
|
AGA001
|
—
|
|
|
(1)
|
|
2,963
|
|
|
11,850
|
|
|
10,323
|
|
|
5,027
|
|
|
20,109
|
|
|
25,136
|
|
|
—
|
|
|
2010
|
|
0.0
|
||||||||
Hawaii
|
AHI001
|
—
|
|
|
|
|
8,080
|
|
|
12,120
|
|
|
(18,535
|
)
|
|
666
|
|
|
999
|
|
|
1,665
|
|
|
—
|
|
|
2010
|
|
0.0
|
||||||||
Hawaii
|
AHI003
|
—
|
|
|
|
|
3,483
|
|
|
9,417
|
|
|
(12,417
|
)
|
|
130
|
|
|
353
|
|
|
483
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
New Jersey
|
ANJ001
|
—
|
|
|
|
|
36,405
|
|
|
64,719
|
|
|
(100,639
|
)
|
|
175
|
|
|
310
|
|
|
485
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
Nevada
|
ANZ001
|
—
|
|
|
|
|
18,117
|
|
|
106,829
|
|
|
(117,328
|
)
|
|
1,104
|
|
|
6,514
|
|
|
7,618
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
Pennsylvania
|
APA001
|
—
|
|
|
(1)
|
|
44,438
|
|
|
82,527
|
|
|
(117,620
|
)
|
|
3,271
|
|
|
6,074
|
|
|
9,345
|
|
|
—
|
|
|
2012
|
|
0.0
|
||||||||
Pennsylvania
|
APA002
|
—
|
|
|
|
|
15,890
|
|
|
29,510
|
|
|
(8,356
|
)
|
|
15,891
|
|
|
21,153
|
|
|
37,044
|
|
|
—
|
|
|
2012
|
|
0.0
|
||||||||
Washington
|
AWA001
|
—
|
|
|
|
|
2,342
|
|
|
44,478
|
|
|
(44,703
|
)
|
|
106
|
|
|
2,011
|
|
|
2,117
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
Subtotal
|
|
$
|
—
|
|
|
|
|
$
|
191,386
|
|
|
$
|
501,461
|
|
|
$
|
(577,095
|
)
|
|
$
|
33,597
|
|
|
$
|
82,155
|
|
|
$
|
115,752
|
|
|
$
|
—
|
|
|
|
|
|
MIXED USE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Arizona
|
MAZ002
|
—
|
|
|
|
|
10,182
|
|
|
52,544
|
|
|
20,731
|
|
|
10,030
|
|
|
73,427
|
|
|
83,457
|
|
|
8,752
|
|
|
2011
|
|
40.0
|
||||||||
California
|
MCA001
|
—
|
|
|
|
|
5,869
|
|
|
629
|
|
|
2
|
|
|
5,870
|
|
|
630
|
|
|
6,500
|
|
|
262
|
|
|
2010
|
|
40.0
|
||||||||
Florida
|
MFL001
|
—
|
|
|
|
|
8,450
|
|
|
8,216
|
|
|
(2,405
|
)
|
|
8,450
|
|
|
5,811
|
|
|
14,261
|
|
|
1,742
|
|
|
2008
|
|
40.0
|
||||||||
Florida
|
MFL002
|
—
|
|
|
|
|
18,229
|
|
|
20,899
|
|
|
1,637
|
|
|
18,229
|
|
|
22,536
|
|
|
40,765
|
|
|
729
|
|
|
2014
|
|
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
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Florida
|
MFL003
|
—
|
|
|
|
|
2,507
|
|
|
8,155
|
|
|
1,224
|
|
|
2,507
|
|
|
9,379
|
|
|
11,886
|
|
|
332
|
|
|
2014
|
|
40.0
|
||||||||
Florida
|
MFL004
|
—
|
|
|
|
|
4,201
|
|
|
14,652
|
|
|
882
|
|
|
4,201
|
|
|
15,534
|
|
|
19,735
|
|
|
418
|
|
|
2014
|
|
40.0
|
||||||||
Georgia
|
MGA001
|
—
|
|
|
(1)
|
|
4,480
|
|
|
17,916
|
|
|
2,274
|
|
|
4,479
|
|
|
20,191
|
|
|
24,670
|
|
|
705
|
|
|
2010
|
|
40.0
|
||||||||
Subtotal
|
|
$
|
—
|
|
|
|
|
$
|
53,918
|
|
|
$
|
123,011
|
|
|
$
|
24,345
|
|
|
$
|
53,766
|
|
|
$
|
147,508
|
|
|
$
|
201,274
|
|
|
$
|
12,940
|
|
|
|
|
|
Total
|
|
$
|
251,150
|
|
|
|
|
$
|
1,575,297
|
|
|
$
|
2,152,990
|
|
|
$
|
(283,611
|
)
|
|
$
|
1,416,905
|
|
|
$
|
2,027,771
|
|
|
$
|
3,444,676
|
|
(4)
(5)
|
$
|
481,980
|
|
(5)
|
|
|
|
(1)
|
Consists of properties pledged as collateral under the Company's secured
credit facilities
with a total book value of
$381.6 million
|
(2)
|
Includes impairments and unit sales.
|
(3)
|
These properties have land improvements which have depreciable lives of
15
to
20
years.
|
(4)
|
The aggregate cost for Federal income tax purposes was approximately
$3.78 billion
at
December 31, 2014
.
|
(5)
|
Includes
$13.1 million
relating to accumulated depreciation for real estate assets held for sale as of
December 31, 2014
.
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Balance at January 1
|
|
$
|
3,589,072
|
|
|
$
|
3,763,310
|
|
|
$
|
3,927,750
|
|
Improvements and additions
|
|
145,238
|
|
|
126,664
|
|
|
111,760
|
|
|||
Acquisitions through foreclosure
|
|
77,867
|
|
|
31,764
|
|
|
269,100
|
|
|||
Other acquisitions
|
|
4,666
|
|
|
69,379
|
|
|
—
|
|
|||
Dispositions
|
|
(341,453
|
)
|
|
(388,906
|
)
|
|
(510,504
|
)
|
|||
Impairments
|
|
(30,714
|
)
|
|
(13,139
|
)
|
|
(34,796
|
)
|
|||
Balance at December 31
|
|
$
|
3,444,676
|
|
|
$
|
3,589,072
|
|
|
$
|
3,763,310
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Balance at January 1
|
|
$
|
(432,374
|
)
|
|
$
|
(388,346
|
)
|
|
$
|
(356,810
|
)
|
Additions
|
|
(62,299
|
)
|
|
(59,208
|
)
|
|
(59,968
|
)
|
|||
Dispositions
|
|
12,693
|
|
|
15,180
|
|
|
28,432
|
|
|||
Balance at December 31
|
|
$
|
(481,980
|
)
|
|
$
|
(432,374
|
)
|
|
$
|
(388,346
|
)
|
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
|
|
Office
|
|
LIBOR + 5.25%
|
|
LIBOR + 5.25%
|
|
December 2017
|
|
IO
|
|
$
|
—
|
|
|
$
|
142,736
|
|
|
$
|
140,553
|
|
Borrower B(3)
|
|
Mixed Use/Mixed Collateral
|
|
LIBOR + 8%
|
|
LIBOR + 8%
|
|
January 2017
|
|
IO
|
|
—
|
|
|
118,750
|
|
|
117,818
|
|
|||
Borrower C
|
|
Mixed Use/Mixed Collateral
|
|
LIBOR + 6%
|
|
LIBOR + 6%
|
|
July 2017
|
|
IO
|
|
—
|
|
|
93,500
|
|
|
92,525
|
|
|||
Borrower D
|
|
Apartment/Residential
|
|
LIBOR + 5.25%
|
|
LIBOR + 5.25%
|
|
January 2015
|
|
IO
|
|
—
|
|
|
63,842
|
|
|
64,574
|
|
|||
Borrower E(4)
|
|
Retail
|
|
LIBOR + 3%
|
|
LIBOR + 3%
|
|
July 2009
|
|
IO
|
|
—
|
|
|
46,075
|
|
|
24,270
|
|
|||
Senior mortgages individually <3%
|
|
Apartment/Residential, Retail, Land, Industrial/R&D, Mixed Use/Mixed Collateral, Office, Hotel, Other
|
|
Fixed: 4% to 13% Variable: LIBOR + 2.75% to LIBOR + 8%
|
|
Fixed: 4% to 9.68% Variable: LIBOR + 2.75% to LIBOR + 8%
|
|
2015 to 2024
|
|
|
|
|
|
|
276,626
|
|
|
233,355
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
741,529
|
|
|
673,095
|
|
|||
Subordinate Mortgages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Borrower F
|
|
Other
|
|
8%
|
|
8%
|
|
April 2015
|
|
IO
|
|
$
|
100,000
|
|
|
25,000
|
|
|
24,992
|
|
||
Subordinate mortgages individually <3%
|
|
Retail, Hotel, Other
|
|
Fixed: 6.8% to 14%
|
|
Fixed: 8.12% to 14%
|
|
2015 to 2057
|
|
|
|
|
|
|
28,274
|
|
|
28,339
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,274
|
|
|
53,331
|
|
|||
Total mortgages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
794,803
|
|
|
$
|
726,426
|
|
(1)
|
Amounts are presented net of asset-specific reserves of
$64.4 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)
|
As of
December 31, 2014
, included a LIBOR interest rate floor of
0.25%
.
|
(4)
|
Loan is in default with
$46.1 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, 2014
, included a LIBOR interest rate floor of
4.0%
.
|
|
2014
|
|
2013
|
|
2012
|
||||||
Balance at January 1
|
$
|
827,796
|
|
|
$
|
1,421,654
|
|
|
$
|
2,449,554
|
|
Additions:
|
|
|
|
|
|
||||||
New mortgage loans
|
476,332
|
|
|
19,249
|
|
|
2,205
|
|
|||
Additions under existing mortgage loans
|
13,108
|
|
|
31,589
|
|
|
29,887
|
|
|||
Other(2)
|
26,156
|
|
|
16,385
|
|
|
33,324
|
|
|||
Deductions(3):
|
|
|
|
|
|
||||||
Collections of principal
|
(532,465
|
)
|
|
(636,883
|
)
|
|
(700,943
|
)
|
|||
Recovery of (provision for) loan losses
|
483
|
|
|
25,011
|
|
|
(121,869
|
)
|
|||
Transfers to real estate and equity investments
|
(84,912
|
)
|
|
(49,100
|
)
|
|
(270,359
|
)
|
|||
Amortization of premium
|
(72
|
)
|
|
(109
|
)
|
|
(145
|
)
|
|||
Balance at December 31
|
$
|
726,426
|
|
|
$
|
827,796
|
|
|
$
|
1,421,654
|
|
(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
$239.6 million
,
$152.8 million
and
$106.9 million
for the years ended
December 31, 2014
,
2013
and
2012
, respectively.
|
(a)
|
and (c) Financial statements and schedules—see Index to Financial Statements and Schedules included in Item 8.
|
(b)
|
Exhibits—see index on following page.
|
Exhibit
Number
|
|
Document Description
|
3.1
|
|
Amended and Restated Charter of the Company (including the Articles Supplementary for each Series of the Company's Preferred Stock).(1)
|
|
|
|
3.2
|
|
Amended and Restated Bylaws of the Company.(2)
|
|
|
|
3.3
|
|
Articles Supplementary for High Performance Common Stock-Series 1.(4)
|
|
|
|
3.4
|
|
Articles Supplementary for High Performance Common Stock-Series 2.(4)
|
|
|
|
3.5
|
|
Articles Supplementary for High Performance Common Stock-Series 3.(4)
|
|
|
|
3.6
|
|
Articles Supplementary relating to Series E Preferred Stock.(5)
|
|
|
|
3.7
|
|
Articles Supplementary relating to Series F Preferred Stock.(29)
|
|
|
|
3.8
|
|
Articles Supplementary relating to Series G Preferred Stock.(7)
|
|
|
|
3.9
|
|
Articles Supplementary relating to Series I Preferred Stock.(9)
|
|
|
|
Exhibit
Number
|
|
Document Description
|
3.10
|
|
Articles Supplementary relating to Series J Preferred Stock.(17)
|
|
|
|
4.1
|
|
Form of 77/8% Series E Cumulative Redeemable Preferred Stock Certificate.(5)
|
|
|
|
4.2
|
|
Form of 7.8% Series F Cumulative Redeemable Preferred Stock Certificate.(6)
|
|
|
|
4.3
|
|
Form of 7.65% Series G Cumulative Redeemable Preferred Stock Certificate.(7)
|
|
|
|
4.4
|
|
Form of 7.50% Series I Cumulative Redeemable Preferred Stock Certificate.(9)
|
|
|
|
4.5
|
|
Form of 4.50% Series J Cumulative Convertible Perpetual Preferred Stock Certificate.(23)
|
|
|
|
4.6
|
|
Form of Stock Certificate for the Company's Common Stock.
|
|
|
|
4.7
|
|
Form of Global Note evidencing 5.85% Senior Notes due 2017 issued on March 9, 2007.(21)
|
|
|
|
4.8
|
|
Form of Global Note evidencing 5.875% Senior Notes due 2016 issued on February 21, 2006.(16)
|
|
|
|
4.9
|
|
Form of Global Note evidencing 6.05% Senior Notes due 2015 issued on April 21, 2005.(14)
|
|
|
|
4.10
|
|
Form of Global Note evidencing 9.0% Senior Series B Notes due 2017 issued on July 9, 2012.(26)
|
|
|
|
4.11
|
|
Form of Global Note evidencing 7.125% Senior Notes due 2018 issued on November 13, 2012.(27)
|
|
|
|
4.12
|
|
Form of Global Note evidencing 3.00% Convertible Senior Notes due 2016 issued on November 13, 2012.(27)
|
|
|
|
4.13
|
|
Form of Global Note evidencing 3.875% Senior Notes due 2016 issued on May 10, 2013.(28)
|
|
|
|
4.14
|
|
Form of Global Note evidencing 4.875% Senior Notes due 2018 issued on May 10, 2013.(28)
|
|
|
|
4.15
|
|
Form of Rule 144A Global Note evidencing 1.50% Convertible Senior Notes due 2016 issued on
November 19, 2013.(11)
|
|
|
|
4.16
|
|
Form of Global Note, No. 1-A evidencing 4.00% Senior Notes due 2017 issued on June 13, 2014.(30)
|
|
|
|
4.17
|
|
Form of Global Note, No. 1-B evidencing 4.00% Senior Notes due 2017 issued on June 13, 2014.(30)
|
|
|
|
4.18
|
|
Form of Global Note, No. 2-A evidencing 5.00% Senior Notes due 2019 issued on June 13, 2014.(30)
|
|
|
|
4.19
|
|
Form of Global Note, No. 2-B evidencing 5.00% Senior Notes due 2019 issued on June 13, 2014.(30)
|
|
|
|
4.20
|
|
Eighth Supplemental Indenture, dated as of April 21, 2005, governing the 6.05% Senior Notes due 2015.(15)
|
|
|
|
4.21
|
|
Eleventh Supplemental Indenture, dated as of February 21, 2006, governing the 5.875% Senior Notes due 2016.(16)
|
|
|
|
4.22
|
|
Seventeenth Supplemental Indenture, dated as of March 9, 2007, governing the 5.85% Senior Notes due 2017.(20)
|
|
|
|
4.23
|
|
Base Indenture, dated as of February 5, 2001, between the Company and State Street Bank and Trust Company.(3)
|
|
|
|
4.24
|
|
Indenture, dated as of May 8, 2012, between the Company and U.S. Bank National Association governing the 9.0% Senior Series B Notes due 2017.(25)
|
|
|
|
4.25
|
|
Twenty-First Supplemental Indenture, dated as of November 13, 2012 governing the 7.125% Senior Notes due 2018.(27)
|
|
|
|
4.26
|
|
Twenty-Second Supplemental Indenture, dated as of November 13, 2012 governing the 3.00% Convertible Senior Notes due 2016.(27)
|
|
|
|
4.27
|
|
Twenty-Third Supplemental Indenture, dated as of May 10, 2013, governing the 3.875% Senior Notes due 2016.(28)
|
Exhibit
Number
|
|
Document Description
|
4.28
|
|
Twenty-Fourth Supplemental Indenture, dated as of May 10, 2013, governing the 4.875% Senior Notes due 2018.(28)
|
|
|
|
4.29
|
|
Twenty-Sixth Supplemental Indenture, dated June 13, 2014, governing the 4.00% Senior Notes due 2017.(30)
|
|
|
|
4.30
|
|
Twenty-Seventh Supplemental Indenture, dated June 13, 2014, governing the 5.00% Senior Notes due 2019.(30)
|
|
|
|
10.1
|
|
iStar Financial Inc. 2007 Incentive Compensation Plan.(31)
|
|
|
|
10.2
|
|
iStar Financial Inc. 2009 Long Term Incentive Compensation Plan.(18)
|
|
|
|
10.3
|
|
iStar Financial Inc. 2013 Performance Incentive Plan.(18)
|
|
|
|
10.4
|
|
Non-Employee Directors' Deferral Plan.(10)
|
|
|
|
10.5
|
|
Form of Restricted Stock Unit Award Agreement.(19)
|
|
|
|
10.6
|
|
Form of Restricted Stock Unit Award Agreement (Performance-Based Vesting).(22)
|
|
|
|
10.7
|
|
Form of Award Agreement For Investment Pool.
|
|
|
|
10.8
|
|
Credit Agreement, dated as of March 19, 2012, by the Company, the banks set forth therein and Barclays Bank PLC, as administrative agent, Bank Of America, N.A., as syndication agent, JPMorgan Chase Bank, N.A., as documentation agent.(24)
|
|
|
|
10.9
|
|
Security Agreement, dated as of March 19, 2012, made by the Company, and the other parties thereto in favor of Barclays Bank PLC, as administrative agent.(24)
|
|
|
|
12.1
|
|
Computation of Ratio of Earnings to fixed charges and Earnings to fixed charges and preferred stock dividends.
|
|
|
|
12.2
|
|
Computation of Ratio of Adjusted EBITDA to interest expense and preferred dividends.
|
|
|
|
14.0
|
|
iStar Financial Inc. Code of Conduct.(12)
|
|
|
|
21.1
|
|
Subsidiaries of the Company.
|
|
|
|
23.1
|
|
Consent of PricewaterhouseCoopers LLP.
|
|
|
|
31.0
|
|
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act.
|
|
|
|
32.0
|
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act.
|
|
|
|
100
|
|
XBRL-related documents
|
|
|
|
101
|
|
Interactive data file
|
(1)
|
Incorporated by reference from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2000 filed on May 15, 2000.
|
(2)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on October 25, 2013.
|
(3)
|
Incorporated by reference from the Company's Form S-3 Registration Statement filed on February 12, 2001.
|
(4)
|
Incorporated by reference from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2002 filed on November 14, 2002.
|
(5)
|
Incorporated by reference from the Company's Current Report on Form 8-A filed on July 8, 2003.
|
(6)
|
Incorporated by reference from the Company's Current Report on Form 8-A filed on September 25, 2003.
|
(7)
|
Incorporated by reference from the Company's Current Report on Form 8-A filed on December 10, 2003.
|
(8)
|
Incorporated by reference from the Company's Annual Report on Form 10-K for the year ended December 31, 2003 filed on March 15, 2004.
|
(9)
|
Incorporated by reference from the Company's Current Report on Form 8-A filed on February 27, 2004.
|
(10)
|
Incorporated by reference from the Company's Definitive Proxy Statement filed on April 28, 2004.
|
(11)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on November 19, 2013.
|
(12)
|
Incorporated by reference from the Company's Annual Report on Form 10-K for the year ended December 31, 2004 filed on March 16, 2005.
|
(13)
|
Incorporated by reference from Falcon Financial Investment Trust's Form 8-K filed on January 24, 2005.
|
(14)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on April 20, 2005.
|
(15)
|
Incorporated by reference from the Company's Annual Report on Form 10-K for the year ended December 31, 2005 filed on March 16, 2006.
|
(16)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on February 24, 2006.
|
(17)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on March 18, 2013.
|
(18)
|
Incorporated by reference from the Company's Definitive Proxy Statement filed on April 11, 2014.
|
(19)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on January 25, 2007.
|
(20)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on March 15, 2007.
|
(21)
|
Incorporated by reference from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 filed on May 9, 2007.
|
(22)
|
Incorporated by reference from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 filed on May 9, 2008.
|
(23)
|
Incorporated by reference from the Company's Current Report on Form 8-A filed on March 18, 2013.
|
(24)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on March 23, 2012.
|
(25)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on May 11, 2012.
|
(26)
|
Incorporated by reference from the Company's Form S-4 Registration Statement filed on June 8, 2012.
|
(27)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on November 19, 2012.
|
(28)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on May 16, 2013.
|
(29)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on September 30, 2003.
|
(30)
|
Incorporated by reference from the Company's Current Report on Form 8-K filed on June 13, 2014.
|
(31)
|
Incorporated by reference from the Company's Definitive Proxy Statement filed on April 27, 2007.
|
|
|
iSTAR FINANCIAL INC.
Registrant
|
Date:
|
March 2, 2015
|
/s/ JAY SUGARMAN
|
|
|
Jay Sugarman
Chairman of the Board of Directors and Chief
Executive Officer (principal executive officer)
|
|
|
iSTAR FINANCIAL INC.
Registrant
|
Date:
|
March 2, 2015
|
/s/ DAVID DISTASO
|
|
|
David DiStaso
Chief Financial Officer (principal financial and
accounting officer)
|
|
|
|
Date:
|
March 2, 2015
|
/s/ JAY SUGARMAN
|
|
|
Jay Sugarman
Chairman of the Board of Directors
Chief Executive Officer
|
|
|
|
Date:
|
March 2, 2015
|
/s/ ROBERT W. HOLMAN, JR.
|
|
|
Robert W. Holman, Jr.
Director
|
|
|
|
Date:
|
March 2, 2015
|
/s/ ROBIN JOSEPHS
|
|
|
Robin Josephs
Director
|
|
|
|
Date:
|
March 2, 2015
|
/s/ JOHN G. MCDONALD
|
|
|
John G. McDonald
Director
|
|
|
|
Date:
|
March 2, 2015
|
/s/ DALE A. REISS
|
|
|
Dale A. Reiss
Director
|
|
|
|
Date:
|
March 2, 2015
|
/s/ BARRY W. RIDINGS
|
|
|
Barry W. Ridings
Director
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax income from continuing operations before earnings from equity method investments and other items
|
$
|
(165,171
|
)
|
|
$
|
(255,574
|
)
|
|
$
|
(409,242
|
)
|
|
$
|
(150,820
|
)
|
|
$
|
(253,818
|
)
|
Add: Fixed charges as calculated below
|
232,037
|
|
|
270,872
|
|
|
359,844
|
|
|
348,664
|
|
|
349,041
|
|
|||||
Add: Distributions from operations of equity method investments
|
80,116
|
|
|
17,252
|
|
|
105,586
|
|
|
85,766
|
|
|
32,650
|
|
|||||
Less: Capitalized interest
|
(4,893
|
)
|
|
(2,590
|
)
|
|
(1,794
|
)
|
|
(788
|
)
|
|
(466
|
)
|
|||||
Total earnings
|
$
|
142,089
|
|
|
$
|
29,960
|
|
|
$
|
54,394
|
|
|
$
|
282,822
|
|
|
$
|
127,407
|
|
Fixed charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense(1)
|
$
|
224,483
|
|
|
$
|
266,225
|
|
|
$
|
356,161
|
|
|
$
|
345,914
|
|
|
$
|
346,500
|
|
Add: Capitalized interest
|
4,893
|
|
|
2,590
|
|
|
1,794
|
|
|
788
|
|
|
466
|
|
|||||
Implied interest component on the company's rent obligations
|
2,661
|
|
|
2,057
|
|
|
1,889
|
|
|
1,962
|
|
|
2,075
|
|
|||||
Fixed charges
|
$
|
232,037
|
|
|
$
|
270,872
|
|
|
$
|
359,844
|
|
|
$
|
348,664
|
|
|
$
|
349,041
|
|
Preferred dividends
|
51,320
|
|
|
49,020
|
|
|
42,320
|
|
|
42,320
|
|
|
42,320
|
|
|||||
Fixed charges and preferred dividends
|
$
|
283,357
|
|
|
$
|
319,892
|
|
|
$
|
402,164
|
|
|
$
|
390,984
|
|
|
$
|
391,361
|
|
Earnings to fixed charges(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Earnings to fixed charges and preferred dividends(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(1)
|
For the years ended
December 31, 2012
,
2011
and
2010
, interest expense includes
$1,064
,
$3,728
and
$32,734
, respectively, of interest expense reclassified to discontinued operations.
|
(2)
|
For the years ended
December 31, 2014
,
2013
,
2012
,
2011
and
2010
earnings were not sufficient to cover fixed charges by
$89,948
,
$240,912
,
$305,450
,
$65,842
and
$221,634
, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by
$141,268
,
$289,932
,
$347,770
,
$108,162
and
$263,954
, respectively.
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Adjusted EBITDA(1):
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
15,765
|
|
|
$
|
(111,233
|
)
|
|
$
|
(241,430
|
)
|
|
$
|
(25,693
|
)
|
|
$
|
80,206
|
|
Add: Interest expense(2)
|
228,395
|
|
|
269,921
|
|
|
356,161
|
|
|
345,914
|
|
|
346,500
|
|
|||||
Add: Income tax expense (benefit)
|
3,912
|
|
|
(659
|
)
|
|
8,445
|
|
|
(4,719
|
)
|
|
7,023
|
|
|||||
Add: Depreciation and amortization(3)
|
79,042
|
|
|
74,673
|
|
|
70,786
|
|
|
63,928
|
|
|
70,786
|
|
|||||
Add: Provision for (recovery of) loan losses
|
(1,714
|
)
|
|
5,489
|
|
|
81,740
|
|
|
46,412
|
|
|
331,487
|
|
|||||
Add: Impairment of assets(4)
|
34,634
|
|
|
14,353
|
|
|
36,354
|
|
|
22,386
|
|
|
22,381
|
|
|||||
Add: Loss on transfer of interest to unconsolidated subsidiary
|
—
|
|
|
7,373
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Add: Stock-based compensation expense
|
13,314
|
|
|
19,261
|
|
|
15,293
|
|
|
29,702
|
|
|
19,355
|
|
|||||
Add: (Gain) loss on early extinguishment of debt, net(5)
|
25,369
|
|
|
19,655
|
|
|
22,405
|
|
|
(101,466
|
)
|
|
(110,075
|
)
|
|||||
Total Adjusted EBITDA(1)
|
$
|
398,717
|
|
|
$
|
298,833
|
|
|
$
|
349,754
|
|
|
$
|
376,464
|
|
|
$
|
767,663
|
|
Interest expense and preferred dividends:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense(2)
|
$
|
228,395
|
|
|
$
|
269,921
|
|
|
$
|
356,161
|
|
|
$
|
345,914
|
|
|
$
|
346,500
|
|
Preferred dividends
|
51,320
|
|
|
49,020
|
|
|
42,320
|
|
|
42,320
|
|
|
42,320
|
|
|||||
Total interest expense and preferred dividends
|
$
|
279,715
|
|
|
$
|
318,941
|
|
|
$
|
398,481
|
|
|
$
|
388,234
|
|
|
$
|
388,820
|
|
Adjusted EBITDA/Interest expense and preferred dividends
|
1.4x
|
|
|
0.9x
|
|
|
0.9x
|
|
|
1.0x
|
|
|
2.0x
|
|
(1)
|
Adjusted EBITDA should be examined in conjunction with net income (loss) as shown in the Company's Consolidated Statements of Operations. Adjusted EBITDA should not be considered as an alternative to net income (loss) (determined in accordance with GAAP), as an indicator of the Company's performance, or to cash flows from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, nor is Adjusted EBITDA an indicative of funds available to fund the Company's cash needs or available for distribution to shareholders. Rather, Adjusted EBITDA is an additional measure for the Company to use to analyze how the business is performing. It should be noted that the Company's manner of calculating Adjusted EBITDA may differ from the calculations of similarly-titled measures by other companies. See computation of Adjusted EBITDA on page 33.
|
(2)
|
For the years ended
December 31, 2012
,
2011
and
2010
, interest expense includes
$1,064
,
$3,728
and
$32,734
, respectively, of interest expense reclassified to discontinued operations. Interest expense also includes the Company's proportionate share of interest for equity method investments.
|
(3)
|
For the
years
ended
December 31, 2014
,
2013
,
2012
,
2011
and
2010
, depreciation and amortization includes
$0
,
$264
,
$2,016
,
$5,837
and
$14,117
, respectively, of depreciation and amortization reclassified to discontinued operations. Depreciation and amortization also includes our proportionate share of depreciation and amortization expense for equity method investments.
|
(4)
|
For the
years
ended
December 31, 2014
,
2013
,
2012
,
2011
and
2010
, impairment of assets includes
$0
,
$1,764
,
$22,576
,
$9,147
and
$9,572
, respectively, of impairment of assets reclassified to discontinued operations.
|
(5)
|
For the
years
ended
December 31, 2014
,
2013
,
2012
and
2010
, loss on early extinguishment of debt excludes the portion of losses paid in cash of
$0
,
$13,535
,
$15,411
and
$1,152
, respectively.
|
Subsidiary
|
|
State of Formation
|
|
Other Names Used
|
|
12 Union Street—Westborough LLC
|
|
Delaware
|
|
|
|
100 Elkhorn Road—Sun Valley LLC
|
|
Delaware
|
|
|
|
100 Riverview Condominium Association Inc.
|
|
New Jersey
|
|
|
|
20 Chapel Street Lender LLC
|
|
Delaware
|
|
|
|
38 North Almaden Boulevard Venture LLC
|
|
Delaware
|
|
|
|
45-10 19th Avenue—Astoria LLC
|
|
Delaware
|
|
|
|
210 5th Ave. Venture LLC
|
|
Delaware
|
|
|
|
221 American Boulevard—Bloomington LLC
|
|
Delaware
|
|
|
|
240 S Pineapple Office—Sarasota LLC
|
|
Delaware
|
|
240 S Pineapple Parking—Sarasota LLC
|
|
246 Spring Street LOC LLC
|
|
Delaware
|
|
|
|
300 Riverview Condominium Association Inc.
|
|
New Jersey
|
|
|
|
328-342 Washington Blvd—Jersey City LLC
|
|
Delaware
|
|
|
|
333 Rector Park—River Rose LLC
|
|
Delaware
|
|
iStar Garden City LLC
|
|
401 W Michigan Street—Milwaukee LLC
|
|
Delaware
|
|
|
|
475-525 Sycamore Drive—Milpitas LLC
|
|
Delaware
|
|
|
|
500 Woodward LLC
|
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Delaware
|
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500 Woodward Café LLC
|
|
Delaware
|
|
|
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560 Cottonwood Drive—Milpitas LLC
|
|
Delaware
|
|
|
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615 E. Weber Drive—Tempe LLC
|
|
Delaware
|
|
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628 East Cleveland Street—Clearwater LLC
|
|
Delaware
|
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1000 South Clark Street LLC
|
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Delaware
|
|
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1000 South Clark Street Partners LLC
|
|
Delaware
|
|
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1050 N. El Mirage Road—Avondale LLC
|
|
Delaware
|
|
|
|
1200 Holiday Drive—Coconut Grove LLC
|
|
Delaware
|
|
8440 Warner Crossing—Tempe LLC
|
|
1250 N. El Mirage Road—Avondale LLC
|
|
Delaware
|
|
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1419-1425 Locust Street—Philadelphia LLC
|
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Delaware
|
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1504-1530 McCarthy Boulevard—Milpitas LLC
|
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Delaware
|
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1515 Dock Street—Tacoma LLC
|
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Delaware
|
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1804 McCarthy Boulevard—Milpitas LLC
|
|
Delaware
|
|
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1855 Barber Lane—Milpitas LLC
|
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Delaware
|
|
|
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2003-2007 Nonconnah Boulevard—Memphis LLC
|
|
Delaware
|
|
|
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2021 Lakeside Boulevard—Richardson LLC
|
|
Delaware
|
|
|
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2220 West First Street—Fort Myers LLC
|
|
Delaware
|
|
|
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2611 Corporate West Drive Venture LLC
|
|
Delaware
|
|
|
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2611 CWD Net Lease REIT
|
|
Maryland
|
|
|
|
2901 Kinwest Parkway—Irving LLC
|
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Delaware
|
|
|
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3000 Waterview Parkway—Richardson LLC
|
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Delaware
|
|
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3150 SW 38th Avenue—Miami LLC
|
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Delaware
|
|
|
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3376 Peachtree Commercial Unit 1 LLC
|
|
Delaware
|
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3376 Peachtree Commercial Unit 2 LLC
|
|
Delaware
|
|
|
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3376 Peachtree Hotel LLC
|
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Delaware
|
|
|
Subsidiary
|
|
State of Formation
|
|
Other Names Used
|
|
3376 Peachtree Penthouse LLC
|
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Delaware
|
|
|
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3376 Peachtree Residential LLC
|
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Georgia
|
|
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3376 Peachtree Retail LLC
|
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Delaware
|
|
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3376 Peachtree Villas LLC
|
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Delaware
|
|
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3376 Peachtree Road—Atlanta Hotel LL Inc.
|
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Delaware
|
|
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3376 Peachtree Road—Atlanta Restaurant LL Inc.
|
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Delaware
|
|
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3460 14th Street NW—Washington LLC
|
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Delaware
|
|
|
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4471 Dean Martin Drive—Las Vegas LLC
|
|
Delaware
|
|
4230 S. Decatur Boulevard—Las Vegas LLC
|
|
6087 Sunset Boulevard—Hollywood LLC
|
|
Delaware
|
|
|
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6162 S Willow Drive—Englewood LLC
|
|
Delaware
|
|
|
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6400 Christie Avenue—Emeryville LLC
|
|
Delaware
|
|
|
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6801 Woolridge Road GenPar LLC
|
|
Delaware
|
|
|
|
6801 Woolridge Road—Moseley LP
|
|
Delaware
|
|
6801 Woolridge Road—Moseley TRS LLC
|
|
7445 East Chaparral Road—Scottsdale LLC
|
|
Delaware
|
|
|
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11650 Central Parkway—Jacksonville LLC
|
|
Delaware
|
|
|
|
13351 Overseas Highway—Marathon LLC
|
|
Delaware
|
|
475-525 Sycamore Drive—Milpitas LLC
|
|
14000 N. Hayden Road—Scottsdale LLC
|
|
Delaware
|
|
|
|
17093 Biscayne Boulevard—North Miami LLC
|
|
Delaware
|
|
|
|
21625 Red Rum Drive—Ashburn LLC
|
|
Delaware
|
|
|
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46702 Bayside Parkway—Fremont LLC
|
|
Delaware
|
|
|
|
46831 Lakeview Boulevard—Fremont LLC
|
|
Delaware
|
|
|
|
Acquest Government Holdings II, LLC
|
|
New York
|
|
|
|
Acquest Government Holdings, L.L.C.
|
|
New York
|
|
|
|
Acquest Holdings FC, LLC
|
|
New York
|
|
|
|
ACRE IDG, LLC
|
|
Delaware
|
|
|
|
AP at Monroe Urban Renewal LLC
|
|
New Jersey
|
|
AP at Monroe LLC
|
|
AP at South Grand Urban Renewal LLC
|
|
New Jersey
|
|
AP at South Grand LLC
|
|
AP Block 146 Developer Urban Renewal, LLC
|
|
New Jersey
|
|
AP Block 146 Developer LLC
|
|
AP Block 176 Venture LLC
|
|
New Jersey
|
|
|
|
AP Block 178 Venture LLC
|
|
New Jersey
|
|
|
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AP Fifteen Property Holding, L.L.C.
|
|
New Jersey
|
|
|
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AP Five Property Holding, L.L.C.
|
|
New Jersey
|
|
|
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AP Mortgagee LLC
|
|
Delaware
|
|
|
|
AP Retail Venture LLC
|
|
Delaware
|
|
|
|
AP Ten Property Holding, L.L.C
|
|
New Jersey
|
|
|
|
AP Triangle LLC
|
|
Delaware
|
|
Madison Wesley Lake Three LLC
|
|
AP Wesley Lake LLC
|
|
Delaware
|
|
Madison Wesley Lake Two LLC
|
|
Asbury Convention Hall Limited Liability Company
|
|
New Jersey
|
|
|
|
Asbury Partners, LLC
|
|
New Jersey
|
|
Asbury Shores Community, LLC
|
|
ASTAR 12203 East Colonial Drive—Orlando LLC
|
|
Delaware
|
|
|
|
ASTAR 1360 Greely Chapel Road—Lima LLC
|
|
Delaware
|
|
|
|
ASTAR ASB AR1, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB AR2, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB FL1, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB FL10, LLC
|
|
Delaware
|
|
|
Subsidiary
|
|
State of Formation
|
|
Other Names Used
|
|
ASTAR ASB FL2, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB FL3, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB FL4, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB FL5, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB FL6, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB FL7, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB FL8, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB FL9, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB GA1, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB GA2, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB GA3, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB Holdings LLC
|
|
Delaware
|
|
|
|
ASTAR ASB NC1, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB NC2, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB NC3, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB NC4, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB TX1 GenPar LLC
|
|
Delaware
|
|
|
|
ASTAR ASB TX1 LimPar LLC
|
|
Delaware
|
|
|
|
ASTAR ASB TX1 LP
|
|
Delaware
|
|
|
|
ASTAR ASB VA1, LLC
|
|
Delaware
|
|
|
|
ASTAR ASB VA2, LLC
|
|
Delaware
|
|
|
|
ASTAR Finance Falcon I LLC
|
|
Delaware
|
|
|
|
ASTAR Finance Falcon II LLC
|
|
Delaware
|
|
|
|
ASTAR Finance LLC
|
|
Delaware
|
|
ASTAR AF NH1, LLC
|
|
ASTAR FRR FL1, LLC
|
|
Delaware
|
|
|
|
ASTAR FRR Holdings, LLC
|
|
Delaware
|
|
|
|
ASTAR FRR TX1 GenPar LLC
|
|
Delaware
|
|
|
|
ASTAR FRR TX1 LP
|
|
Delaware
|
|
|
|
ASTAR Highway 290—North Hempstead LLC
|
|
Delaware
|
|
SFI Dallas FC LLC
|
|
ASTAR Pima Road—Scottsdale LLC
|
|
Delaware
|
|
|
|
ASTAR ROU LA1, LLC
|
|
Delaware
|
|
|
|
ASTAR Route 33—Hamilton NJ LLC
|
|
Delaware
|
|
|
|
ASTAR Spokane LLC
|
|
Delaware
|
|
|
|
ASTAR Suncadia LLC
|
|
Delaware
|
|
|
|
ASTAR Two Notch Columbia LLC
|
|
Delaware
|
|
|
|
ASTAR UAG AZ1, LLC
|
|
Delaware
|
|
|
|
ASTAR UAG AZ2, LLC
|
|
Delaware
|
|
|
|
ASTAR UAG AZ3, LLC
|
|
Delaware
|
|
|
|
ASTAR UAG FL1, LLC
|
|
Delaware
|
|
|
|
ASTAR UAG NJ1 LLC
|
|
Delaware
|
|
|
|
ASTAR West Genesee Street II—Syracuse LLC
|
|
Delaware
|
|
|
|
ASTAR West Genesee Street I—Syracuse LLC
|
|
Delaware
|
|
|
|
Autostar Investors Partnership LLP
|
|
Delaware
|
|
|
|
AutoStar Realty Operating Partnership, L.P.
|
|
Delaware
|
|
Milestone Realty Operating Partnership
|
|
Autostar Realty GP LLC
|
|
Delaware
|
|
|
Subsidiary
|
|
State of Formation
|
|
Other Names Used
|
|
Bath Site LLC
|
|
Delaware
|
|
|
|
Belmont Ridge Development Co
|
|
Delaware
|
|
SFI One Madison Park LLC
|
|
Bond Portfolio Holdings LLC
|
|
Delaware
|
|
|
|
BW Bowling Properties LP
|
|
Delaware
|
|
|
|
BW Bowling Properties LLC
|
|
Delaware
|
|
|
|
BW Bowling Properties GenPar LLC
|
|
Delaware
|
|
|
|
BW Bowling Net Lease I REIT
|
|
Maryland
|
|
|
|
BW Bowling Properties Canada Inc.
|
|
Canada
|
|
|
|
Cajun Fish Holdings, L.L.C.
|
|
New Jersey
|
|
|
|
Campbell Commons—Richardson LLC
|
|
Delaware
|
|
|
|
Charwell TP LLC
|
|
New York
|
|
|
|
Childs Associates LLC
|
|
Delaware
|
|
|
|
Coney Childs Lender LLC
|
|
Delaware
|
|
|
|
Coney Entertainment LLC
|
|
Delaware
|
|
|
|
Coney Island Holdings LLC
|
|
Delaware
|
|
|
|
Coyote Center Development LLC
|
|
Delaware
|
|
|
|
CTL I Maryland, Inc.
|
|
Delaware
|
|
|
|
DT Net Lease I REIT
|
|
Maryland
|
|
|
|
Entertainment Center Development, LLC
|
|
Delaware
|
|
|
|
Every Bear Investments LLC
|
|
Delaware
|
|
|
|
Falcon 2003-1 Columbus 818007 LLC
|
|
Delaware
|
|
|
|
Falcon 2003-1 Dryden 818019
|
|
Delaware
|
|
855 Avenue of the Americas—SFI LLC
|
|
Falcon 2003-1 Emporia 818012 LLC
|
|
Delaware
|
|
|
|
Falcon 2003-1 Englewood 818021 LLC
|
|
Delaware
|
|
|
|
Falcon 2003-1 Manteca 818017 LLC
|
|
Delaware
|
|
|
|
Falcon 2003-1 Rimrock 818018 LLC
|
|
Delaware
|
|
|
|
Falcon 2003-1 Seneca 818020 LLC
|
|
Delaware
|
|
|
|
Falcon Auto Dealership Loan Trust 2001-1
|
|
Delaware
|
|
|
|
Falcon Auto Dealership Loan Trust 2003-1
|
|
Delaware
|
|
|
|
Falcon Auto Dealership, LLC
|
|
Delaware
|
|
|
|
Falcon Financial II, LLC
|
|
Delaware
|
|
|
|
Falcon Franchise Loan Corp.
|
|
Delaware
|
|
|
|
Falcon Franchise Loan Trust 2000-1
|
|
Delaware
|
|
|
|
Falcon Franchise Loan, LLC
|
|
Delaware
|
|
|
|
Florida 2005 Theaters LLC
|
|
Delaware
|
|
MUVICO Realty, LLC
|
|
Gold Coast Chicago Acquisition Company LLC
|
|
Delaware
|
|
|
|
Highland View Associates LLC
|
|
Delaware
|
|
|
|
iStar 85 10th L/C LLC
|
|
Delaware
|
|
|
|
iStar 100 Management Inc.
|
|
Delaware
|
|
|
|
iStar 100 Riverview LLC
|
|
Delaware
|
|
|
|
iStar 100 LLC
|
|
Delaware
|
|
|
|
iStar 181 Fremont Holdings LLC
|
|
Delaware
|
|
|
|
iStar 200-300 Management Inc.
|
|
Delaware
|
|
|
|
iStar 200-300 Riverview LLC
|
|
Delaware
|
|
|
|
iStar 200-300 LLC
|
|
Delaware
|
|
|
Subsidiary
|
|
State of Formation
|
|
Other Names Used
|
|
iStar 701 TS Holdings LLC
|
|
Delaware
|
|
|
|
iStar Alpha Structured Products LLC
|
|
Delaware
|
|
|
|
iStar Apartment Holdings LLC
|
|
Delaware
|
|
|
|
iStar Asset Receivables Trust
|
|
Delaware
|
|
|
|
iStar Asset Services, Inc.
|
|
Delaware
|
|
Starwood Asset Services, Inc.
|
|
iStar Automotive Investments LLC
|
|
Delaware
|
|
|
|
iStar Bishops Gate LLC
|
|
Delaware
|
|
|
|
iStar Blues LLC
|
|
Delaware
|
|
|
|
iStar Bowling Centers I LLC
|
|
Delaware
|
|
iStar Fort Collins USGS LLC
|
|
iStar Bowling Centers I LP
|
|
Delaware
|
|
|
|
iStar Bowling Centers II LLC
|
|
Delaware
|
|
|
|
iStar Bowling Centers II LP
|
|
Delaware
|
|
|
|
iStar Busco Inc.
|
|
Delaware
|
|
|
|
iStar Columbus Circle LLC
|
|
Delaware
|
|
|
|
iStar Corporate Collateral LLC
|
|
Delaware
|
|
|
|
iStar CP Investment Fund LLC
|
|
Delaware
|
|
|
|
iStar CS Emery Bay North LLC
|
|
Delaware
|
|
|
|
iStar CS Kicker LLC
|
|
Delaware
|
|
|
|
iStar CTL I GenPar, Inc.
|
|
Delaware
|
|
|
|
iStar CTL I, L.P.
|
|
Delaware
|
|
|
|
iStar CTL RiverEdge Summit—Atlanta LLC
|
|
Delaware
|
|
|
|
iStar Dallas GL GenPar LLC
|
|
Delaware
|
|
|
|
iStar Dallas GL LP
|
|
Delaware
|
|
|
|
iStar DH Holdings TRS Inc.
|
|
Cayman Islands
|
|
|
|
iStar Diplomat Drive—Farmers Branch LLC
|
|
Delaware
|
|
|
|
iStar DMI LLC
|
|
Delaware
|
|
|
|
iStar Financial Protective Trust
|
|
Maryland
|
|
|
|
iStar Financial Statutory Trust I
|
|
Delaware
|
|
|
|
iStar FKEC Holdings LLC
|
|
Delaware
|
|
|
|
iStar FM Kicker LLC
|
|
Delaware
|
|
|
|
iStar FM Loans LLC
|
|
Delaware
|
|
|
|
iStar FM REO LLC
|
|
Delaware
|
|
|
|
iStar Harrisburg Business Trust
|
|
Delaware
|
|
|
|
iStar Harrisburg GenPar LLC
|
|
Delaware
|
|
|
|
iStar Harrisburg, L.P.
|
|
Delaware
|
|
|
|
iStar IF III LLC
|
|
Delaware
|
|
|
|
iStar Marlin LLC
|
|
Delaware
|
|
|
|
iStar Madison LLC
|
|
Delaware
|
|
iStar Madison TRS Inc.
|
|
iStar Merger Co. I
|
|
Delaware
|
|
Starwood Merger Co. I
|
|
iStar Minnesota LLC
|
|
Delaware
|
|
|
|
iStar Net Lease I LLC
|
|
Delaware
|
|
|
|
iStar Net Lease Manager I LLC
|
|
Delaware
|
|
|
|
iStar Net Lease Member I LLC
|
|
Delaware
|
|
|
|
iStar One Dallas Manager LLC
|
|
Delaware
|
|
|
|
iStar One Dallas Member LLC
|
|
Delaware
|
|
|
Subsidiary
|
|
State of Formation
|
|
Other Names Used
|
|
iStar Page Mill Road—Palo Alto LLC
|
|
Delaware
|
|
|
|
iStar Permian LLC
|
|
Delaware
|
|
|
|
iStar RC Paradise Valley LLC
|
|
Delaware
|
|
|
|
iStar Real Estate Services, Inc.
|
|
Maryland
|
|
TriNet Property Management, Inc.
|
|
iStar REO Holdings TRS LLC
|
|
Delaware
|
|
|
|
iStar REO Holding II TRS LLC
|
|
Delaware
|
|
|
|
iStar San Jose, L.L.C.
|
|
Delaware
|
|
|
|
iStar SLC LLC
|
|
Delaware
|
|
iStar SLC TRS Inc.
|
|
iStar Solo LLC
|
|
Delaware
|
|
|
|
iStar SPP II LLC
|
|
Delaware
|
|
iStar SPP II TRS Inc.
|
|
iStar SPP LLC
|
|
Delaware
|
|
iStar SPP TRS inc.
|
|
iStar Statutory Trust
|
|
Delaware
|
|
|
|
iStar Sunnyvale Partners, L.P.
|
|
Delaware
|
|
|
|
iStar Sunnyvale, LLC
|
|
Delaware
|
|
|
|
iStar TALF LLC
|
|
Delaware
|
|
|
|
iStar Tara Holdings LLC
|
|
Delaware
|
|
|
|
iStar Tara Kickers TRS LLC
|
|
Delaware
|
|
|
|
iStar Tara LLC
|
|
Delaware
|
|
|
|
iStar WALH Investor TRS LLC
|
|
Delaware
|
|
iStar WALH Investor LLC
|
|
iStar Woodward LLC
|
|
Delaware
|
|
|
|
Jade Eight Properties LLC
|
|
Delaware
|
|
|
|
Jersey Star GenPar LLC
|
|
Delaware
|
|
|
|
Jersey Star LP
|
|
Delaware
|
|
Jersey Star LLC
|
|
Key West Harbour Development, L.L.C.
|
|
Florida
|
|
|
|
Key West Marina Investments, L.L.C.
|
|
Florida
|
|
|
|
Loft Office Acquisition, LLC
|
|
Delaware
|
|
|
|
Lysol Limited
|
|
Cyprus
|
|
|
|
Madison Asbury Retail, LLC
|
|
Delaware
|
|
Asbury Park Retail, LLC
|
|
MF III Albion LLC
|
|
New Jersey
|
|
|
|
MN Theaters 2006 LLC
|
|
Minnesota
|
|
GAC Theaters LLC
|
|
MSK Resort Finance LLC
|
|
Delaware
|
|
|
|
Naples AW Holdco LLC
|
|
Delaware
|
|
240 S Pineapple Land—Sarasota LLC
|
|
Naples Harbour Development, L.L.C.
|
|
Florida
|
|
|
|
Naples Marina Investments, L.L.C.
|
|
Florida
|
|
|
|
NHN Holdco LLC
|
|
Delaware
|
|
345 Los Coches Street—North Hollywood LLC
|
|
NHN Venture 2, LLC
|
|
Delaware
|
|
|
|
Oakton NLA LLC
|
|
Delaware
|
|
|
|
Oakton Net Lease REIT
|
|
Maryland
|
|
|
|
One Palm LLC
|
|
Delaware
|
|
|
|
Paramount Bay Owner LLC
|
|
Delaware
|
|
|
|
Parrot Cay Holdco LLC
|
|
Delaware
|
|
|
|
Piscataway Road—Clinton MD LLC
|
|
Delaware
|
|
|
|
Rattlefish Raw Bar and Grill, LLC
|
|
Florida
|
|
|
|
Red Lion G.P., Inc.
|
|
Delaware
|
|
|
|
RLH Partnership, L.P.
|
|
Delaware
|
|
|
Subsidiary
|
|
State of Formation
|
|
Other Names Used
|
|
Royal Oaks Lane (Biscayne Landing)—North Miami LLC
|
|
Delaware
|
|
|
|
SCC Distribution Centers LLC
|
|
Delaware
|
|
iStar SCC Distribution Centers LLC
|
|
Seaside Park LLC
|
|
Delaware
|
|
|
|
SFI 10 Rittenhouse LLC
|
|
Delaware
|
|
|
|
SFI 1120 Warner—Tempe LLC
|
|
Delaware
|
|
10255 East Via Linda LLC
|
|
SFI Acquest Holdings LLC
|
|
Delaware
|
|
|
|
SFI AHBR Falk LLC
|
|
Delaware
|
|
|
|
SFI Almaden Manager LLC
|
|
Delaware
|
|
|
|
SFI Ambassador East TRS LLC
|
|
Delaware
|
|
|
|
SFI Artesia LLC
|
|
Delaware
|
|
SFI Artesia Retail LLC
|
|
SFI Ballpark Village LLC
|
|
Delaware
|
|
|
|
SFI Belmont LLC
|
|
Delaware
|
|
|
|
SFI Biscayne Boulevard Acquisitions LLC
|
|
Delaware
|
|
|
|
SFI BR Villa Luisa LLC
|
|
Delaware
|
|
|
|
SFI Bridgeview LLC
|
|
Delaware
|
|
SFI Harbor View LLC
|
|
SFI Bullseye—Chicago LLC
|
|
Delaware
|
|
|
|
SFI Cascade Highlands LLC
|
|
Delaware
|
|
|
|
SFI Center Horseheads LLC
|
|
Delaware
|
|
|
|
SFI Chicago Tollway LLC
|
|
Delaware
|
|
SFI Wilton Oases LLC
|
|
SFI College Park LLC
|
|
Delaware
|
|
|
|
SFI Coney Island Manager LLC
|
|
Delaware
|
|
|
|
SFI CWD Venture Manager LLC
|
|
Delaware
|
|
|
|
SFI DT Holdings LLC
|
|
Delaware
|
|
|
|
SFI Eagle Land LLC
|
|
Delaware
|
|
|
|
SFI Emery Bay Participant LLC
|
|
Delaware
|
|
|
|
SFI Euro Holdings LLC
|
|
Delaware
|
|
|
|
SFI Euro Holdings II LLC
|
|
Delaware
|
|
|
|
SFI FMC—Sanibel LLC
|
|
Delaware
|
|
|
|
SFI Ford City—Chicago LLC
|
|
Delaware
|
|
|
|
SFI Ginn Investments LLC
|
|
Delaware
|
|
|
|
SFI Gold Coast Partner LLC
|
|
Delaware
|
|
|
|
SFI Golden Hills—Vacaville LLC
|
|
Delaware
|
|
|
|
SFI Grand Vista LLC
|
|
Delaware
|
|
|
|
SFI Harborspire GenPar LLC
|
|
Delaware
|
|
328-342 Washington Blvd—Jersey City GenPar LLC
|
|
SFI Harborspire LimPar LLC
|
|
Delaware
|
|
328-342 Washington Blvd—Jersey City LimPar LLC
|
|
SFI I, LLC
|
|
Delaware
|
|
|
|
SFI Ilikai 104 LLC
|
|
Delaware
|
|
|
|
SFI Ilikai GenPar LLC
|
|
Delaware
|
|
|
|
SFI Ilikai LL Parent Inc.
|
|
Delaware
|
|
|
|
SFI Ilikai LL Inc.
|
|
Delaware
|
|
|
|
SFI Ilikai LP
|
|
Delaware
|
|
SFI Ilikai TRS LLC
|
|
SFI Ilikai Property Owner LLC
|
|
Delaware
|
|
|
|
SFI Ilikai Retail Owner LLC
|
|
Delaware
|
|
|
|
SFI Kapolei LLC
|
|
Delaware
|
|
|
Subsidiary
|
|
State of Formation
|
|
Other Names Used
|
|
SFI Kauai GenPar LLC
|
|
Delaware
|
|
|
|
SFI Kauai LP
|
|
Delaware
|
|
SFI Kauai TRS LLC
|
|
SFI Kauai Operator LLC
|
|
Delaware
|
|
|
|
SFI Kauai Owner LLC
|
|
Delaware
|
|
|
|
SFI Kaupulehu LLC
|
|
Delaware
|
|
|
|
SFI Key West Harbour Holdings LLC
|
|
Delaware
|
|
|
|
SFI Key West Marina LLC
|
|
Delaware
|
|
|
|
SFI Kua 4 Partner LLC
|
|
Delaware
|
|
|
|
SFI Kukio LLC
|
|
Delaware
|
|
|
|
SFI Kula 1800 LLC
|
|
Delaware
|
|
|
|
SFI Los Valles LLC
|
|
Delaware
|
|
Los Valles REO LLC
|
|
SFI Magnolia Avenue—Riverside LLC
|
|
Delaware
|
|
SFI Emperor Estates—Riverside County LLC
|
|
SFI Mammoth Crossing LLC
|
|
Delaware
|
|
SFI West Hills—Riverside County LLC
|
|
SFI Mammoth Finance LLC
|
|
Delaware
|
|
900 North Point Street—San Francisco LLC
|
|
SFI Mammoth GenPar LLC
|
|
Delaware
|
|
|
|
SFI Mammoth Owner LP
|
|
Delaware
|
|
SFI Mammoth LLC
|
|
SFI Marina Investments LLC
|
|
Delaware
|
|
|
|
SFI Marina Stuart TRS LLC
|
|
Delaware
|
|
|
|
SFI Marlin Holdings LLC
|
|
Delaware
|
|
iStar REO TRS Inc.
|
|
SFI MG Investor LLC
|
|
Delaware
|
|
|
|
SFI Mortgage Funding LLC
|
|
Delaware
|
|
|
|
SFI Naples Harbour Holdings LLC
|
|
Delaware
|
|
|
|
SFI Naples Marina LLC
|
|
Delaware
|
|
|
|
SFI Naples Reserve LLC
|
|
Delaware
|
|
|
|
SFI Net Lease Holdings LLC
|
|
Delaware
|
|
|
|
SFI One Palm Partner LLC
|
|
Delaware
|
|
|
|
SFI Palm Tree Farms LLC
|
|
Delaware
|
|
|
|
SFI Palm Tree (St. Lucie) LLC
|
|
Delaware
|
|
14951 Royal Oaks (Biscayne Landing)—North Miami LLC
|
|
SFI Penn Properties Statutory Trust
|
|
Delaware
|
|
|
|
SFI Raintree—Scottsdale LLC
|
|
Delaware
|
|
|
|
SFI Rittenhouse Statutory Trust
|
|
Delaware
|
|
|
|
SFI Savannah Commercial LLC
|
|
Delaware
|
|
|
|
SFI Savannah Residential LLC
|
|
Delaware
|
|
|
|
SFI Shadelands—Walnut Creek LLC
|
|
Delaware
|
|
50 Adrian Court—Burlingame LLC
|
|
SFI SMR LP
|
|
Delaware
|
|
SFI SMR LLC
|
|
SFI SMR GenPar LLC
|
|
Delaware
|
|
|
|
SFI SOHO TRS LLC
|
|
Delaware
|
|
|
|
SFI Spring Mountain Ranch Phase 1 LLC
|
|
Delaware
|
|
|
|
SFI Sugar Mill Investor LLC
|
|
Delaware
|
|
SFI Paramount Bay Owner LLC
|
|
SFI Tampa Harbour Holdings LLC
|
|
Delaware
|
|
|
|
SFI Tampa Marina LLC
|
|
Delaware
|
|
|
|
SFI Theater Investments LLC
|
|
Delaware
|
|
|
|
SFI Transitional-Dixmoor LLC
|
|
Delaware
|
|
|
Subsidiary
|
|
State of Formation
|
|
Other Names Used
|
|
SFI Valley Plaza—North Hollywood LLC
|
|
Delaware
|
|
|
|
SFI Waipouli LLC
|
|
Delaware
|
|
|
|
SFI West 48th Holdings LLC
|
|
Delaware
|
|
|
|
SFI Westgate City Center —Glendale LLC
|
|
Delaware
|
|
|
|
SFI Winkel Way LLC
|
|
Delaware
|
|
|
|
SFT I, Inc.
|
|
Delaware
|
|
|
|
SFT/RLH, Inc.
|
|
Delaware
|
|
|
|
Shore Road—Long Beach LP
|
|
Delaware
|
|
Shore Road—Long Beach Superblock TRS LLC
|
|
Shore Road GenPar LLC
|
|
Delaware
|
|
|
|
Shore Road—Long Beach Superblock LLC
|
|
Delaware
|
|
|
|
SMR Phase 1 Joint Venture LLC
|
|
Delaware
|
|
|
|
Spring Mountain Ranch REO LLC
|
|
New Jersey
|
|
|
|
State Road 710-Indiantown LLC
|
|
Delaware
|
|
|
|
Stone Pony Partners, L.L.C.
|
|
Delaware
|
|
|
|
Sugar MG II, LLC
|
|
Delaware
|
|
|
|
Sugar Mill Glen LLC
|
|
Delaware
|
|
|
|
Talking Partners, LLC
|
|
New Jersey
|
|
|
|
Tampa Harbour Development, L.L.C.
|
|
Florida
|
|
|
|
Tampa Marina Investments, L.L.C.
|
|
Florida
|
|
|
|
TDM Kua 4, LLC
|
|
Delaware
|
|
|
|
THCF LLC
|
|
New Jersey
|
|
|
|
The New Westgate LLC
|
|
Delaware
|
|
|
|
TimberStar Investors Partnership LLP
|
|
Delaware
|
|
|
|
TimberStar Operating Partnership, L.P.
|
|
Delaware
|
|
|
|
TimberStar Selling Party Representative Holdco LLC
|
|
Delaware
|
|
|
|
TimberStar Southwest Investor LLC
|
|
Delaware
|
|
|
|
TPRJC Owner LLC
|
|
New Jersey
|
|
|
|
TriNet Essential Facilities XXIII, Inc.
|
|
Delaware
|
|
|
|
TriNet Essential Facilities XXVI, Inc.
|
|
Delaware
|
|
|
|
TriNet Essential Facilities XXVII, Inc.
|
|
Delaware
|
|
|
|
TriNet Sunnyvale Partners, L.P.
|
|
Delaware
|
|
Sunnyvale Partners, L.P.
|
|
TSM I, LLC
|
|
Delaware
|
|
|
|
TSM II, LLC
|
|
Delaware
|
|
|
|
Vector Urban Renewal Associates I, L.P.
|
|
New Jersey
|
|
|
|
Westgate Investments, LLC
|
|
Delaware
|
|
|
|
Westgate Signage, LLC
|
|
Delaware
|
|
|
|
Westgate Sports and Entertainment Group, LLC
|
|
Delaware
|
|
|
Date:
|
March 2, 2015
|
By:
|
|
/s/ JAY SUGARMAN
|
||
|
|
|
|
Name:
|
|
Jay Sugarman
|
|
|
|
|
Title:
|
|
Chief Executive Officer
|
Date:
|
March 2, 2015
|
By:
|
|
/s/ DAVID DISTASO
|
||
|
|
|
|
Name:
|
|
David DiStaso
|
|
|
|
|
Title:
|
|
Chief Financial Officer (principal
financial and accounting officer)
|
Date:
|
March 2, 2015
|
By:
|
|
/s/ JAY SUGARMAN
|
||
|
|
|
|
Name:
|
|
Jay Sugarman
|
|
|
|
|
Title:
|
|
Chief Executive Officer
|
Date:
|
March 2, 2015
|
By:
|
|
/s/ DAVID DISTASO
|
||
|
|
|
|
Name:
|
|
David DiStaso
|
|
|
|
|
Title:
|
|
Chief Financial Officer (principal
financial and accounting officer)
|