|
Maryland
|
|
1-15371
|
|
95-6881527
|
(State or other jurisdiction of
incorporation)
|
|
(Commission File
Number)
|
|
(IRS Employer
Identification Number)
|
1114 Avenue of the Americas, 39
th
Floor
New York, New York
|
|
10036
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
|
iStar Inc.
|
|
|
|
|
Date:
|
September 5, 2017
|
By:
|
/s/ GEOFFREY G. JERVIS
|
|
|
|
Geoffrey G. Jervis
Chief Operating Officer and Chief Financial Officer (principal financial and accounting officer)
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
|
|
23.1
|
|
|
|
99.1
|
|
|
|
99.2
|
|
|
|
99.3
|
|
|
|
99.4
|
|
|
|
100
|
|
|
XBRL related-documents
|
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
|
(In thousands, except per share data and ratios)
|
||||||||||||||||||
OPERATING DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating lease income
|
|
$
|
191,180
|
|
|
$
|
211,207
|
|
|
$
|
229,672
|
|
|
$
|
221,434
|
|
|
$
|
204,137
|
|
Interest income
|
|
129,153
|
|
|
134,687
|
|
|
122,704
|
|
|
108,015
|
|
|
133,410
|
|
|||||
Other income
|
|
46,514
|
|
|
49,924
|
|
|
77,583
|
|
|
48,208
|
|
|
47,838
|
|
|||||
Land development revenue
|
|
88,340
|
|
|
100,216
|
|
|
15,191
|
|
|
—
|
|
|
—
|
|
|||||
Total revenue
|
|
455,187
|
|
|
496,034
|
|
|
445,150
|
|
|
377,657
|
|
|
385,385
|
|
|||||
Interest expense
|
|
221,398
|
|
|
224,639
|
|
|
224,483
|
|
|
266,225
|
|
|
355,097
|
|
|||||
Real estate expense
|
|
137,522
|
|
|
146,509
|
|
|
162,829
|
|
|
156,574
|
|
|
150,608
|
|
|||||
Land development cost of sales
|
|
62,007
|
|
|
67,382
|
|
|
12,840
|
|
|
—
|
|
|
—
|
|
|||||
Depreciation and amortization
|
|
51,660
|
|
|
62,045
|
|
|
70,375
|
|
|
68,070
|
|
|
65,480
|
|
|||||
General and administrative
|
|
84,027
|
|
|
81,277
|
|
|
88,287
|
|
|
92,114
|
|
|
80,856
|
|
|||||
Provision for (recovery of) loan losses
|
|
(12,514
|
)
|
|
36,567
|
|
|
(1,714
|
)
|
|
5,489
|
|
|
81,740
|
|
|||||
Impairment of assets
|
|
14,484
|
|
|
10,524
|
|
|
34,634
|
|
|
12,589
|
|
|
7,628
|
|
|||||
Other expense
|
|
5,883
|
|
|
6,374
|
|
|
6,340
|
|
|
8,050
|
|
|
17,266
|
|
|||||
Total costs and expenses
|
|
564,467
|
|
|
635,317
|
|
|
598,074
|
|
|
609,111
|
|
|
758,675
|
|
|||||
Income (loss) before earnings from equity method investments and other items
|
|
(109,280
|
)
|
|
(139,283
|
)
|
|
(152,924
|
)
|
|
(231,454
|
)
|
|
(373,290
|
)
|
|||||
Loss on early extinguishment of debt, net
|
|
(1,619
|
)
|
|
(281
|
)
|
|
(25,369
|
)
|
|
(33,190
|
)
|
|
(37,816
|
)
|
|||||
Earnings from equity method investments
|
|
77,349
|
|
|
32,153
|
|
|
94,905
|
|
|
41,520
|
|
|
103,009
|
|
|||||
Loss on transfer of interest to unconsolidated subsidiary
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,373
|
)
|
|
—
|
|
|||||
Income (loss) from continuing operations before income taxes
|
|
(33,550
|
)
|
|
(107,411
|
)
|
|
(83,388
|
)
|
|
(230,497
|
)
|
|
(308,097
|
)
|
|||||
Income tax benefit (expense)
|
|
10,166
|
|
|
(7,639
|
)
|
|
(3,912
|
)
|
|
659
|
|
|
(8,445
|
)
|
|||||
Income (loss) from continuing operations
|
|
(23,384
|
)
|
|
(115,050
|
)
|
|
(87,300
|
)
|
|
(229,838
|
)
|
|
(316,542
|
)
|
|||||
Income (loss) from discontinued operations
|
|
18,270
|
|
|
15,077
|
|
|
13,122
|
|
|
9,714
|
|
|
(15,617
|
)
|
|||||
Gain from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,233
|
|
|
27,257
|
|
|||||
Income from sales of real estate
|
|
105,296
|
|
|
93,816
|
|
|
89,943
|
|
|
86,658
|
|
|
63,472
|
|
|||||
Net income (loss)
|
|
100,182
|
|
|
(6,157
|
)
|
|
15,765
|
|
|
(111,233
|
)
|
|
(241,430
|
)
|
|||||
Net (income) loss attributable to noncontrolling interests
|
|
(4,876
|
)
|
|
3,722
|
|
|
704
|
|
|
(718
|
)
|
|
1,500
|
|
|||||
Net income (loss) attributable to iStar Inc.
|
|
95,306
|
|
|
(2,435
|
)
|
|
16,469
|
|
|
(111,951
|
)
|
|
(239,930
|
)
|
|||||
Preferred dividends
|
|
(51,320
|
)
|
|
(51,320
|
)
|
|
(51,320
|
)
|
|
(49,020
|
)
|
|
(42,320
|
)
|
|||||
Net (income) loss allocable to HPU holders and Participating Security holders
(1)
|
|
(14
|
)
|
|
1,080
|
|
|
1,129
|
|
|
5,202
|
|
|
9,253
|
|
|||||
Net income (loss) allocable to common shareholders
|
|
$
|
43,972
|
|
|
$
|
(52,675
|
)
|
|
$
|
(33,722
|
)
|
|
$
|
(155,769
|
)
|
|
$
|
(272,997
|
)
|
Per common share data
(2)
:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) attributable to iStar Inc. from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
0.35
|
|
|
$
|
(0.79
|
)
|
|
$
|
(0.55
|
)
|
|
$
|
(2.20
|
)
|
|
$
|
(3.39
|
)
|
Diluted
|
|
$
|
0.35
|
|
|
$
|
(0.79
|
)
|
|
$
|
(0.55
|
)
|
|
$
|
(2.20
|
)
|
|
$
|
(3.39
|
)
|
Net income (loss) attributable to iStar Inc.:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
0.60
|
|
|
$
|
(0.62
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(1.83
|
)
|
|
$
|
(3.26
|
)
|
Diluted
|
|
$
|
0.60
|
|
|
$
|
(0.62
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(1.83
|
)
|
|
$
|
(3.26
|
)
|
Dividends declared per common share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
|
(In thousands, except per share data and ratios)
|
||||||||||||||||||
SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Ratio of earnings to fixed charges and preferred dividends
(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Weighted average common shares outstanding—basic
|
|
73,453
|
|
|
84,987
|
|
|
85,031
|
|
|
84,990
|
|
|
83,742
|
|
|||||
Weighted average common shares outstanding—diluted
|
|
73,835
|
|
|
84,987
|
|
|
85,031
|
|
|
84,990
|
|
|
83,742
|
|
|||||
Cash flows (used in) from:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating activities
|
|
$
|
20,004
|
|
|
$
|
(59,947
|
)
|
|
$
|
(10,342
|
)
|
|
$
|
(180,465
|
)
|
|
$
|
(191,932
|
)
|
Investing activities
|
|
466,543
|
|
|
184,028
|
|
|
159,793
|
|
|
893,447
|
|
|
1,267,047
|
|
|||||
Financing activities
|
|
(868,911
|
)
|
|
114,481
|
|
|
(190,958
|
)
|
|
(455,758
|
)
|
|
(1,175,597
|
)
|
|
|
As of December 31,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
BALANCE SHEET DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total real estate
(4)
|
|
$
|
1,624,805
|
|
|
$
|
1,776,890
|
|
|
$
|
1,987,843
|
|
|
$
|
2,227,711
|
|
|
$
|
2,412,248
|
|
Land and development, net
(4)
|
|
945,565
|
|
|
1,001,963
|
|
|
978,962
|
|
|
932,034
|
|
|
965,100
|
|
|||||
Loans receivable and other lending investments, net
|
|
1,450,439
|
|
|
1,601,985
|
|
|
1,377,843
|
|
|
1,370,109
|
|
|
1,829,985
|
|
|||||
Total assets
|
|
4,825,514
|
|
|
5,597,792
|
|
|
5,426,483
|
|
|
5,608,604
|
|
|
6,133,687
|
|
|||||
Debt obligations, net
|
|
3,389,908
|
|
|
4,118,823
|
|
|
3,986,034
|
|
|
4,124,718
|
|
|
4,665,182
|
|
|||||
Total equity
|
|
1,059,684
|
|
|
1,101,330
|
|
|
1,248,348
|
|
|
1,301,465
|
|
|
1,313,154
|
|
(1)
|
All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (see Item 8—"Financial Statements and Supplemental Data—Note 13). Participating Security holders are non-employee directors who hold unvested common stock equivalents and restricted stock awards granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (see Item 8—"Financial Statements and Supplemental Data—Note 14 and 15).
|
(2)
|
See Item 8—"Financial Statements and Supplemental Data—Note 15."
|
(3)
|
This ratio of earnings to fixed charges is calculated in accordance with SEC Regulation S-K Item 503. For the years ended
December 31, 2016
,
2015
,
2014
,
2013
and
2012
, earnings were not sufficient to cover fixed charges by
$67,976
,
$114,902
,
$103,070
,
$249,982
and
$307,314
, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by
$119,296
,
$166,222
,
$154,390
,
$299,002
and
$349,634
, respectively. 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.
|
(4)
|
Prior to December 31, 2015, land and development assets were recorded in total real estate. Prior year amounts have been reclassified to conform to the current period presentation.
|
Property/Collateral Types
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land & Development
|
|
Total
|
|
% of
Total |
|||||||||||
Land and Development
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,036,855
|
|
|
$
|
1,036,855
|
|
|
22.4
|
%
|
Office / Industrial
|
|
168,213
|
|
|
771,541
|
|
|
122,484
|
|
|
—
|
|
|
1,062,238
|
|
|
22.9
|
%
|
|||||
Hotel
|
|
333,114
|
|
|
136,080
|
|
|
107,534
|
|
|
—
|
|
|
576,728
|
|
|
12.5
|
%
|
|||||
Entertainment / Leisure
|
|
—
|
|
|
490,200
|
|
|
—
|
|
|
—
|
|
|
490,200
|
|
|
10.6
|
%
|
|||||
Condominium
|
|
380,851
|
|
|
—
|
|
|
82,487
|
|
|
—
|
|
|
463,338
|
|
|
10.0
|
%
|
|||||
Mixed Use / Mixed Collateral
|
|
291,526
|
|
|
—
|
|
|
171,045
|
|
|
—
|
|
|
462,571
|
|
|
10.0
|
%
|
|||||
Other Property Types
|
|
236,862
|
|
|
23,039
|
|
|
—
|
|
|
—
|
|
|
259,901
|
|
|
5.6
|
%
|
|||||
Retail
|
|
63,173
|
|
|
57,348
|
|
|
124,850
|
|
|
—
|
|
|
245,371
|
|
|
5.3
|
%
|
|||||
Strategic Investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,350
|
|
|
0.7
|
%
|
|||||
Total
|
|
$
|
1,473,739
|
|
|
$
|
1,478,208
|
|
|
$
|
608,400
|
|
|
$
|
1,036,855
|
|
|
$
|
4,630,552
|
|
|
100.0
|
%
|
Geographic Region
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land & Development
|
|
Total
|
|
% of
Total |
|||||||||||
Northeast
|
|
$
|
790,113
|
|
|
$
|
379,731
|
|
|
$
|
47,322
|
|
|
$
|
233,672
|
|
|
$
|
1,450,838
|
|
|
31.3
|
%
|
West
|
|
87,037
|
|
|
304,854
|
|
|
37,518
|
|
|
362,578
|
|
|
791,987
|
|
|
17.1
|
%
|
|||||
Southeast
|
|
126,814
|
|
|
235,490
|
|
|
150,066
|
|
|
156,326
|
|
|
668,696
|
|
|
14.4
|
%
|
|||||
Mid-Atlantic
|
|
168,213
|
|
|
153,084
|
|
|
53,774
|
|
|
218,982
|
|
|
594,053
|
|
|
12.8
|
%
|
|||||
Southwest
|
|
77,378
|
|
|
183,920
|
|
|
239,297
|
|
|
28,393
|
|
|
528,988
|
|
|
11.4
|
%
|
|||||
Central
|
|
150,829
|
|
|
79,411
|
|
|
65,869
|
|
|
31,500
|
|
|
327,609
|
|
|
7.1
|
%
|
|||||
Various
(2)
|
|
73,355
|
|
|
141,718
|
|
|
14,554
|
|
|
5,404
|
|
|
235,031
|
|
|
5.2
|
%
|
|||||
Strategic Investments
(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,350
|
|
|
0.7
|
%
|
|||||
Total
|
|
$
|
1,473,739
|
|
|
$
|
1,478,208
|
|
|
$
|
608,400
|
|
|
$
|
1,036,855
|
|
|
$
|
4,630,552
|
|
|
100.0
|
%
|
|
December 31, 2016
|
|||||||||||||||||
|
Number
|
|
Gross Carrying Value
|
|
Reserve for Loan Losses
|
|
Carrying Value
|
|
% of Total
|
|
Reserve for Loan Losses as a % of Gross Carrying Value
|
|||||||
Performing loans
|
35
|
|
|
$
|
1,202,127
|
|
|
$
|
(23,300
|
)
|
|
$
|
1,178,827
|
|
|
86.0%
|
|
1.9%
|
Non-performing loans
|
6
|
|
|
253,941
|
|
|
(62,245
|
)
|
|
191,696
|
|
|
14.0%
|
|
24.5%
|
|||
Total
|
41
|
|
|
$
|
1,456,068
|
|
|
$
|
(85,545
|
)
|
|
$
|
1,370,523
|
|
|
100.0%
|
|
5.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
December 31, 2015
|
|||||||||||||||||
|
Number
|
|
Gross Carrying Value
|
|
Reserve for Loan Losses
|
|
Carrying Value
|
|
% of Total
|
|
Reserve for Loan Losses as a % of Gross Carrying Value
|
|||||||
Performing loans
|
40
|
|
|
$
|
1,515,369
|
|
|
$
|
(36,000
|
)
|
|
$
|
1,479,369
|
|
|
96.1%
|
|
2.4%
|
Non-performing loans
|
6
|
|
|
132,492
|
|
|
(72,165
|
)
|
|
60,327
|
|
|
3.9%
|
|
54.5%
|
|||
Total
|
46
|
|
|
$
|
1,647,861
|
|
|
$
|
(108,165
|
)
|
|
$
|
1,539,696
|
|
|
100.0%
|
|
6.6%
|
|
December 31, 2016
|
|
December 31, 2015
|
||||
Senior mortgages
|
$
|
854,805
|
|
|
$
|
849,161
|
|
Corporate/Partnership loans
|
333,244
|
|
|
637,532
|
|
||
Subordinate mortgages
|
14,078
|
|
|
28,676
|
|
||
Total
|
$
|
1,202,127
|
|
|
$
|
1,515,369
|
|
|
|
|
|
||||
Weighted average LTV
|
64
|
%
|
|
67
|
%
|
||
Yield
|
8.9
|
%
|
|
8.8
|
%
|
|
Net Lease Statistics
|
||||
|
December 31, 2016
|
|
December 31, 2015
|
||
Square feet (mm)
(1)
|
17,214
|
|
|
17,807
|
|
Leased %
(2)
|
98
|
%
|
|
96
|
%
|
Weighted average lease term (years)
(3)
|
14.7
|
|
|
14.9
|
|
Yield
(4)
|
8.3
|
%
|
|
7.8
|
%
|
(1)
|
As of
December 31, 2016
and 2015, includes 3,081 and 2,873 square feet at one of our equity method investments of which we own 51.9%.
|
(2)
|
Excluding equity method investments, our net lease portfolio was 98% and 96% leased, respectively, as of
December 31, 2016
and 2015.
|
(3)
|
Excluding equity method investments, our weighted average lease term was 14.8 years and 14.7 years, respectively, as of December 31, 2016 and 2015.
|
(4)
|
Excludes equity method investments.
|
Commercial Operating Property Statistics
|
||||||||||||||||||||
($ in millions)
|
||||||||||||||||||||
|
Stabilized Operating
(1)
|
Transitional Operating
(1)
|
|
Total
|
||||||||||||||||
|
December 31, 2016
|
December 31, 2015
|
|
December 31, 2016
|
December 31, 2015
|
|
December 31, 2016
|
December 31, 2015
|
||||||||||||
Gross carrying value ($mm)
(2)
|
$
|
337
|
|
$
|
124
|
|
|
$
|
189
|
|
$
|
448
|
|
|
$
|
526
|
|
$
|
572
|
|
Occupancy
(3)
|
86
|
%
|
89
|
%
|
|
54
|
%
|
65
|
%
|
|
74
|
%
|
74
|
%
|
||||||
Yield
|
8.5
|
%
|
8.8
|
%
|
|
1.5
|
%
|
2.8
|
%
|
|
5.5
|
%
|
4.4
|
%
|
(1)
|
Stabilized commercial properties generally have occupancy levels above 80% and/or generate yields resulting in a sufficient return based upon the properties’ risk profiles. Transitional commercial properties are generally those properties that do not meet these criteria.
|
(2)
|
Gross carrying value represents carrying value gross of accumulated depreciation.
|
(3)
|
Occupancy is as of December 31, 2016 and 2015.
|
Residential Operating Property Statistics
|
|||||||
($ in millions)
|
|||||||
|
For the Years Ended
|
||||||
|
December 31, 2016
|
|
December 31, 2015
|
||||
Condominium units sold
|
91
|
|
|
150
|
|
||
Proceeds
|
$
|
96.2
|
|
|
$
|
126.2
|
|
Income from sales of real estate
|
$
|
26.1
|
|
|
$
|
40.1
|
|
Land and Development Portfolio Rollforward
|
|||||||
(in millions)
|
|||||||
|
Years Ended
|
||||||
|
December 31, 2016
|
|
December 31, 2015
|
||||
Beginning balance
|
$
|
1,002.0
|
|
|
$
|
979.0
|
|
Asset sales
(1)
|
(68.9
|
)
|
|
(65.2
|
)
|
||
Asset transfers in (out)
(2)
|
(90.7
|
)
|
|
1.4
|
|
||
Capital expenditures
|
109.5
|
|
|
95.0
|
|
||
Other
|
(6.3
|
)
|
|
(8.2
|
)
|
||
Ending balance
(3)
|
$
|
945.6
|
|
|
$
|
1,002.0
|
|
Land and Development Statistics
|
|||||||
(in millions)
|
|||||||
|
Years Ended
|
||||||
|
December 31, 2016
|
|
December 31, 2015
|
||||
Land development revenue
|
$
|
88.3
|
|
|
$
|
100.2
|
|
Land development cost of sales
|
62.0
|
|
|
67.4
|
|
||
Land development revenue less cost of sales
|
$
|
26.3
|
|
|
$
|
32.8
|
|
Earnings from land development equity method investments
|
30.0
|
|
|
16.7
|
|
||
Income from sales of real estate
(1)
|
8.8
|
|
|
—
|
|
||
Total
|
$
|
65.1
|
|
|
$
|
49.5
|
|
(1)
|
During the year ended December 31, 2016, we sold a land and development asset to a newly formed unconsolidated entity in which we own a
50.0%
equity interest and recognized a gain of
$8.8 million
, reflecting our share of the interest sold to a third party, which was recorded as "Income from sales of real estate" in our consolidated statement of operations.
|
|
For the Years Ended
December 31, |
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Operating lease income
|
$
|
191,180
|
|
|
$
|
211,207
|
|
|
$
|
(20,027
|
)
|
|
(9
|
)%
|
Interest income
|
129,153
|
|
|
134,687
|
|
|
(5,534
|
)
|
|
(4
|
)%
|
|||
Other income
|
46,514
|
|
|
49,924
|
|
|
(3,410
|
)
|
|
(7
|
)%
|
|||
Land development revenue
|
88,340
|
|
|
100,216
|
|
|
(11,876
|
)
|
|
(12
|
)%
|
|||
Total revenue
|
455,187
|
|
|
496,034
|
|
|
(40,847
|
)
|
|
(8
|
)%
|
|||
Interest expense
|
221,398
|
|
|
224,639
|
|
|
(3,241
|
)
|
|
(1
|
)%
|
|||
Real estate expenses
|
137,522
|
|
|
146,509
|
|
|
(8,987
|
)
|
|
(6
|
)%
|
|||
Land development cost of sales
|
62,007
|
|
|
67,382
|
|
|
(5,375
|
)
|
|
(8
|
)%
|
|||
Depreciation and amortization
|
51,660
|
|
|
62,045
|
|
|
(10,385
|
)
|
|
(17
|
)%
|
|||
General and administrative
|
84,027
|
|
|
81,277
|
|
|
2,750
|
|
|
3
|
%
|
|||
(Recovery of) provision for loan losses
|
(12,514
|
)
|
|
36,567
|
|
|
(49,081
|
)
|
|
<(100%)
|
|
|||
Impairment of assets
|
14,484
|
|
|
10,524
|
|
|
3,960
|
|
|
38
|
%
|
|||
Other expense
|
5,883
|
|
|
6,374
|
|
|
(491
|
)
|
|
(8
|
)%
|
|||
Total costs and expenses
|
564,467
|
|
|
635,317
|
|
|
(70,850
|
)
|
|
(11
|
)%
|
|||
Loss on early extinguishment of debt, net
|
(1,619
|
)
|
|
(281
|
)
|
|
(1,338
|
)
|
|
>100%
|
|
|||
Earnings from equity method investments
|
77,349
|
|
|
32,153
|
|
|
45,196
|
|
|
>100%
|
|
|||
Income tax benefit (expense)
|
10,166
|
|
|
(7,639
|
)
|
|
17,805
|
|
|
>100%
|
|
|||
Income from discontinued operations
|
18,270
|
|
|
15,077
|
|
|
3,193
|
|
|
21
|
%
|
|||
Income from sales of real estate
|
105,296
|
|
|
93,816
|
|
|
11,480
|
|
|
12
|
%
|
|||
Net income (loss)
|
$
|
100,182
|
|
|
$
|
(6,157
|
)
|
|
$
|
106,339
|
|
|
<(100%)
|
|
|
For the Years Ended
December 31, |
|
|
|
|
|||||||||
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Operating lease income
|
$
|
211,207
|
|
|
$
|
229,672
|
|
|
$
|
(18,465
|
)
|
|
(8
|
)%
|
Interest income
|
134,687
|
|
|
122,704
|
|
|
11,983
|
|
|
10
|
%
|
|||
Other income
|
49,924
|
|
|
77,583
|
|
|
(27,659
|
)
|
|
(36
|
)%
|
|||
Land development revenue
|
100,216
|
|
|
15,191
|
|
|
85,025
|
|
|
>100%
|
|
|||
Total revenue
|
496,034
|
|
|
445,150
|
|
|
50,884
|
|
|
11
|
%
|
|||
Interest expense
|
224,639
|
|
|
224,483
|
|
|
156
|
|
|
—
|
%
|
|||
Real estate expenses
|
146,509
|
|
|
162,829
|
|
|
(16,320
|
)
|
|
(10
|
)%
|
|||
Land development cost of sales
|
67,382
|
|
|
12,840
|
|
|
54,542
|
|
|
>100%
|
|
|||
Depreciation and amortization
|
62,045
|
|
|
70,375
|
|
|
(8,330
|
)
|
|
(12
|
)%
|
|||
General and administrative
|
81,277
|
|
|
88,287
|
|
|
(7,010
|
)
|
|
(8
|
)%
|
|||
Provision for (recovery of) loan losses
|
36,567
|
|
|
(1,714
|
)
|
|
38,281
|
|
|
<(100%)
|
|
|||
Impairment of assets
|
10,524
|
|
|
34,634
|
|
|
(24,110
|
)
|
|
(70
|
)%
|
|||
Other expense
|
6,374
|
|
|
6,340
|
|
|
34
|
|
|
1
|
%
|
|||
Total costs and expenses
|
635,317
|
|
|
598,074
|
|
|
37,243
|
|
|
6
|
%
|
|||
Loss on early extinguishment of debt, net
|
(281
|
)
|
|
(25,369
|
)
|
|
25,088
|
|
|
(99
|
)%
|
|||
Earnings from equity method investments
|
32,153
|
|
|
94,905
|
|
|
(62,752
|
)
|
|
(66
|
)%
|
|||
Income tax expense
|
(7,639
|
)
|
|
(3,912
|
)
|
|
(3,727
|
)
|
|
95
|
%
|
|||
Income from discontinued operations
|
15,077
|
|
|
13,122
|
|
|
1,955
|
|
|
15
|
%
|
|||
Income from sales of real estate
|
93,816
|
|
|
89,943
|
|
|
3,873
|
|
|
4
|
%
|
|||
Net income (loss)
|
$
|
(6,157
|
)
|
|
$
|
15,765
|
|
|
$
|
(21,922
|
)
|
|
<(100%)
|
|
|
For the Years Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Adjusted Income
|
|
|
|
||||
Net income (loss) allocable to common shareholders
|
$
|
43,972
|
|
|
$
|
(52,675
|
)
|
Add: Depreciation and amortization
(1)
|
64,447
|
|
|
72,132
|
|
||
Add/Less: (Recovery of) provision for loan losses
|
(12,514
|
)
|
|
36,567
|
|
||
Add: Impairment of assets
(2)
|
18,999
|
|
|
18,509
|
|
||
Add: Stock-based compensation expense
|
10,889
|
|
|
12,013
|
|
||
Add: Loss on early extinguishment of debt, net
|
1,619
|
|
|
281
|
|
||
Less: Losses on charge-offs and dispositions
(3)
|
(14,827
|
)
|
|
(55,437
|
)
|
||
Less: HPU/Participating Security allocation
|
(23
|
)
|
|
(1,706
|
)
|
||
Adjusted income allocable to common shareholders
(4)
|
$
|
112,562
|
|
|
$
|
29,684
|
|
(1)
|
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 year ended December 31, 2016, impairment of assets includes impairments on equity method investments recorded in "Earnings from equity method investments" in our consolidated statements of operations. For the year ended December 31, 2015, impairment of assets includes impairments on cost and equity method investments recorded in "Other income" and "Earnings from equity method investments," respectively, in our consolidated statements of operations.
|
(3)
|
Represents the impact of charge-offs and dispositions realized during the period. These charge-offs and dispositions were on assets that were previously impaired for GAAP and reflected in net income but not in Adjusted Income.
|
(4)
|
For the year ended December 31, 2015, Adjusted Income under the previous presentation was
$84.0 million
.
|
|
For the Years Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Operating Properties
|
$
|
65,934
|
|
|
$
|
74,540
|
|
Net Lease
|
3,876
|
|
|
6,985
|
|
||
Total capital expenditures on real estate assets
|
$
|
69,810
|
|
|
$
|
81,525
|
|
|
|
|
|
||||
Land and Development
|
$
|
103,806
|
|
|
$
|
88,219
|
|
Total capital expenditures on land and development assets
|
$
|
103,806
|
|
|
$
|
88,219
|
|
|
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
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unsecured notes
|
$
|
2,569,722
|
|
|
$
|
924,722
|
|
|
$
|
1,370,000
|
|
|
$
|
275,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Secured credit facilities
|
498,648
|
|
|
4,968
|
|
|
9,788
|
|
|
483,892
|
|
|
—
|
|
|
—
|
|
||||||
Mortgages
|
249,987
|
|
|
10,378
|
|
|
50,574
|
|
|
118,012
|
|
|
59,276
|
|
|
11,747
|
|
||||||
Trust preferred securities
|
100,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
||||||
Total principal maturities
|
3,418,357
|
|
|
940,068
|
|
|
1,430,362
|
|
|
876,904
|
|
|
59,276
|
|
|
111,747
|
|
||||||
Interest Payable
(1)
|
509,676
|
|
|
178,555
|
|
|
220,389
|
|
|
70,104
|
|
|
17,626
|
|
|
23,002
|
|
||||||
Loan Participations Payable
(2)
|
160,251
|
|
|
—
|
|
|
157,424
|
|
|
2,827
|
|
|
—
|
|
|
—
|
|
||||||
Operating Lease Obligations
|
22,594
|
|
|
5,463
|
|
|
8,244
|
|
|
5,135
|
|
|
3,752
|
|
|
—
|
|
||||||
Total
|
$
|
4,110,878
|
|
|
$
|
1,124,086
|
|
|
$
|
1,816,419
|
|
|
$
|
954,970
|
|
|
$
|
80,654
|
|
|
$
|
134,749
|
|
(1)
|
Variable-rate debt assumes 1-month LIBOR of
0.77%
and 3-month LIBOR of
0.89%
that were in effect as of
December 31, 2016
.
|
(2)
|
Refer to Note 9 to the consolidated financial statements.
|
|
As of December 31,
|
||||||||||||||
|
2016
|
|
2015
|
||||||||||||
|
Encumbered Assets
|
|
Unencumbered Assets
|
|
Encumbered Assets
|
|
Unencumbered Assets
|
||||||||
Real estate, net
|
$
|
881,212
|
|
|
$
|
506,062
|
|
|
$
|
723,710
|
|
|
$
|
767,065
|
|
Real estate available and held for sale
|
—
|
|
|
237,531
|
|
|
103,604
|
|
|
182,511
|
|
||||
Land and development, net
|
35,165
|
|
|
910,400
|
|
|
17,714
|
|
|
984,249
|
|
||||
Loans receivable and other lending investments, net
(1)(2)
|
172,581
|
|
|
1,142,050
|
|
|
170,162
|
|
|
1,314,823
|
|
||||
Other investments
|
—
|
|
|
214,406
|
|
|
22,352
|
|
|
231,820
|
|
||||
Cash and other assets
|
—
|
|
|
590,299
|
|
|
—
|
|
|
962,782
|
|
||||
Total
|
$
|
1,088,958
|
|
|
$
|
3,600,748
|
|
|
$
|
1,037,542
|
|
|
$
|
4,443,250
|
|
(1)
|
As of
December 31, 2016
and
2015
, the amounts presented exclude general reserves for loan losses of
$23.3 million
and
$36.0 million
, respectively.
|
(2)
|
As of
December 31, 2016
and 2015, the amounts presented exclude loan participations of
$159.1 million
and
$153.0 million
, respectively.
|
|
Loans and Other Lending Investments
(1)
|
|
Real Estate
|
|
Other
Investments
|
|
Total
|
||||||||
Performance-Based Commitments
|
$
|
366,287
|
|
|
$
|
14,616
|
|
|
$
|
25,574
|
|
|
$
|
406,477
|
|
Strategic Investments
|
—
|
|
|
—
|
|
|
45,540
|
|
|
45,540
|
|
||||
Total
(2)
|
$
|
366,287
|
|
|
$
|
14,616
|
|
|
$
|
71,114
|
|
|
$
|
452,017
|
|
(1)
|
Excludes
$158.7 million
of commitments on loan participations sold that are not our obligation.
|
(2)
|
We did not have any Discretionary Fundings as of December 31, 2016.
|
|
Page
|
Financial Statements:
|
|
Financial Statement Schedules:
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Operating lease income
|
$
|
191,180
|
|
|
$
|
211,207
|
|
|
$
|
229,672
|
|
Interest income
|
129,153
|
|
|
134,687
|
|
|
122,704
|
|
|||
Other income
|
46,514
|
|
|
49,924
|
|
|
77,583
|
|
|||
Land development revenue
|
88,340
|
|
|
100,216
|
|
|
15,191
|
|
|||
Total revenues
|
455,187
|
|
|
496,034
|
|
|
445,150
|
|
|||
Costs and expenses:
|
|
|
|
|
|
||||||
Interest expense
|
221,398
|
|
|
224,639
|
|
|
224,483
|
|
|||
Real estate expense
|
137,522
|
|
|
146,509
|
|
|
162,829
|
|
|||
Land development cost of sales
|
62,007
|
|
|
67,382
|
|
|
12,840
|
|
|||
Depreciation and amortization
|
51,660
|
|
|
62,045
|
|
|
70,375
|
|
|||
General and administrative
|
84,027
|
|
|
81,277
|
|
|
88,287
|
|
|||
(Recovery of) provision for loan losses
|
(12,514
|
)
|
|
36,567
|
|
|
(1,714
|
)
|
|||
Impairment of assets
|
14,484
|
|
|
10,524
|
|
|
34,634
|
|
|||
Other expense
|
5,883
|
|
|
6,374
|
|
|
6,340
|
|
|||
Total costs and expenses
|
564,467
|
|
|
635,317
|
|
|
598,074
|
|
|||
Income (loss) before earnings from equity method investments and other items
|
(109,280
|
)
|
|
(139,283
|
)
|
|
(152,924
|
)
|
|||
Loss on early extinguishment of debt, net
|
(1,619
|
)
|
|
(281
|
)
|
|
(25,369
|
)
|
|||
Earnings from equity method investments
|
77,349
|
|
|
32,153
|
|
|
94,905
|
|
|||
Income (loss) from continuing operations before income taxes
|
(33,550
|
)
|
|
(107,411
|
)
|
|
(83,388
|
)
|
|||
Income tax benefit (expense)
|
10,166
|
|
|
(7,639
|
)
|
|
(3,912
|
)
|
|||
Income (loss) from continuing operations
|
(23,384
|
)
|
|
(115,050
|
)
|
|
(87,300
|
)
|
|||
Income from discontinued operations
|
18,270
|
|
|
15,077
|
|
|
13,122
|
|
|||
Income from sales of real estate
|
105,296
|
|
|
93,816
|
|
|
89,943
|
|
|||
Net income (loss)
|
100,182
|
|
|
(6,157
|
)
|
|
15,765
|
|
|||
Net (income) loss attributable to noncontrolling interests
|
(4,876
|
)
|
|
3,722
|
|
|
704
|
|
|||
Net income (loss) attributable to iStar Inc.
|
95,306
|
|
|
(2,435
|
)
|
|
16,469
|
|
|||
Preferred dividends
|
(51,320
|
)
|
|
(51,320
|
)
|
|
(51,320
|
)
|
|||
Net (income) loss allocable to HPU holders and Participating Security holders
(1)(2)
|
(14
|
)
|
|
1,080
|
|
|
1,129
|
|
|||
Net income (loss) allocable to common shareholders
|
$
|
43,972
|
|
|
$
|
(52,675
|
)
|
|
$
|
(33,722
|
)
|
Per common share data:
|
|
|
|
|
|
||||||
Income (loss) attributable to iStar Inc. from continuing operations:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.35
|
|
|
$
|
(0.79
|
)
|
|
$
|
(0.55
|
)
|
Diluted
|
$
|
0.35
|
|
|
$
|
(0.79
|
)
|
|
$
|
(0.55
|
)
|
Net income (loss) attributable to iStar Inc.:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.60
|
|
|
$
|
(0.62
|
)
|
|
$
|
(0.40
|
)
|
Diluted
|
$
|
0.60
|
|
|
$
|
(0.62
|
)
|
|
$
|
(0.40
|
)
|
Weighted average number of common shares:
|
|
|
|
|
|
||||||
Basic
|
73,453
|
|
|
84,987
|
|
|
85,031
|
|
|||
Diluted
|
73,835
|
|
|
84,987
|
|
|
85,031
|
|
|||
Per HPU share data
(1)
:
|
|
|
|
|
|
||||||
Income (loss) attributable to iStar Inc. from operations—Basic and diluted
|
$
|
—
|
|
|
$
|
(153.67
|
)
|
|
$
|
(103.54
|
)
|
Net income (loss) attributable to iStar Inc.—Basic and diluted
|
$
|
—
|
|
|
$
|
(120.00
|
)
|
|
$
|
(75.27
|
)
|
Weighted average number of HPU share—Basic and diluted
|
—
|
|
|
9
|
|
|
15
|
|
(1)
|
All of the Company's outstanding High Performance Units ("HPUs") were repurchased and retired on August 13, 2015 (refer to Note 13).
|
(2)
|
Participating Security holders are non-employee directors who hold common stock equivalents ("CSEs") and restricted stock awards granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (refer to
Note 14
and
Note 15
).
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net income (loss)
|
$
|
100,182
|
|
|
$
|
(6,157
|
)
|
|
$
|
15,765
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Reclassification of (gains)/losses on available-for-sale securities into earnings upon realization
(1)
|
—
|
|
|
(2,576
|
)
|
|
(90
|
)
|
|||
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization
(2)
|
598
|
|
|
921
|
|
|
4,116
|
|
|||
Realization of (gains)/losses on cumulative translation adjustment into earnings upon realization
(3)
|
—
|
|
|
—
|
|
|
968
|
|
|||
Unrealized gains/(losses) on available-for-sale securities
|
274
|
|
|
(532
|
)
|
|
3,367
|
|
|||
Unrealized gains/(losses) on cash flow hedges
|
(85
|
)
|
|
(1,202
|
)
|
|
(5,187
|
)
|
|||
Unrealized gains/(losses) on cumulative translation adjustment
|
(154
|
)
|
|
(491
|
)
|
|
131
|
|
|||
Other comprehensive income (loss)
|
633
|
|
|
(3,880
|
)
|
|
3,305
|
|
|||
Comprehensive income (loss)
|
100,815
|
|
|
(10,037
|
)
|
|
19,070
|
|
|||
Comprehensive (income) loss attributable to noncontrolling interests
|
(4,876
|
)
|
|
3,722
|
|
|
710
|
|
|||
Comprehensive income (loss) attributable to iStar Inc.
|
$
|
95,939
|
|
|
$
|
(6,315
|
)
|
|
$
|
19,780
|
|
(1)
|
Reclassified to "Other income" in the Company's consolidated statements of operations.
|
(2)
|
Reclassified to "Interest expense" in the Company's consolidated statements of operations are
$217
,
$456
and
$62
for the
years
ended
December 31, 2016
,
2015
and
2014
, respectively. Reclassified to "Other Expense" in the Company's consolidated statements of operations is
$3,634
for the year ended December 31, 2014 (refer to
Note 12
). Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are
$381
,
$465
and
$420
, respectively, for the years ended December 31, 2016, 2015 and 2014.
|
(3)
|
Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations.
|
|
|
iStar Inc. Shareholders' Equity
|
|
|
|
|||||||||||||||||||||||||||||||
|
|
Preferred
Stock
(1)
|
|
Preferred Stock Series J
(1)
|
|
HPU's
(2)
|
|
Common
Stock at
Par
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
||||||||||||||||||
Balance as of December 31, 2013
|
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
9,800
|
|
|
$
|
83
|
|
|
$
|
3,759,245
|
|
|
$
|
(2,521,618
|
)
|
|
$
|
(4,276
|
)
|
|
$
|
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 (loss) for the period
(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,469
|
|
|
—
|
|
|
1,221
|
|
|
17,690
|
|
|||||||||
Change in accumulated other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,305
|
|
|
—
|
|
|
3,305
|
|
|||||||||
Change in 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 interest
(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,915
|
)
|
|
(3,915
|
)
|
|||||||||
Balance as of December 31, 2014
|
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
9,800
|
|
|
$
|
85
|
|
|
$
|
3,744,621
|
|
|
$
|
(2,556,469
|
)
|
|
$
|
(971
|
)
|
|
$
|
51,256
|
|
|
$
|
1,248,348
|
|
Dividends declared—preferred
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,320
|
)
|
|
—
|
|
|
—
|
|
|
(51,320
|
)
|
|||||||||
Issuance of stock/restricted stock unit amortization, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,961
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,961
|
|
|||||||||
Net income (loss) for the period
(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,435
|
)
|
|
—
|
|
|
(266
|
)
|
|
(2,701
|
)
|
|||||||||
Change in accumulated other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,880
|
)
|
|
—
|
|
|
(3,880
|
)
|
|||||||||
Repurchase of stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(70,411
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(70,416
|
)
|
|||||||||
Redemption of HPUs
|
|
—
|
|
|
—
|
|
|
(9,800
|
)
|
|
1
|
|
|
15,238
|
|
|
(15,250
|
)
|
|
—
|
|
|
—
|
|
|
(9,811
|
)
|
|||||||||
Change in additional paid in capital attributable to noncontrolling interests
(5)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,079
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,079
|
)
|
|||||||||
Contributions from noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
205
|
|
|||||||||
Distributions to noncontrolling interests
(5)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,977
|
)
|
|
(8,977
|
)
|
|||||||||
Balance as of December 31, 2015
|
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
81
|
|
|
$
|
3,689,330
|
|
|
$
|
(2,625,474
|
)
|
|
$
|
(4,851
|
)
|
|
$
|
42,218
|
|
|
$
|
1,101,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iStar Inc. Shareholders' Equity
|
|
|
|
|||||||||||||||||||||||||||||||
|
|
Preferred
Stock
(1)
|
|
Preferred Stock Series J
(1)
|
|
HPU's
(2)
|
|
Common
Stock at
Par
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
||||||||||||||||||
Balance as of December 31, 2015
|
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
81
|
|
|
$
|
3,689,330
|
|
|
$
|
(2,625,474
|
)
|
|
$
|
(4,851
|
)
|
|
$
|
42,218
|
|
|
$
|
1,101,330
|
|
Dividends declared—preferred
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,320
|
)
|
|
—
|
|
|
—
|
|
|
(51,320
|
)
|
|||||||||
Issuance of stock/restricted stock unit amortization, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,031
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,031
|
|
|||||||||
Issuance of common stock for conversion of senior unsecured convertible notes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
9,595
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,596
|
|
|||||||||
Net income (loss) for the period
(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
95,306
|
|
|
—
|
|
|
10,927
|
|
|
106,233
|
|
|||||||||
Change in accumulated other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
633
|
|
|
—
|
|
|
633
|
|
|||||||||
Repurchase of stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(98,419
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(98,429
|
)
|
|||||||||
Change in additional paid in capital attributable to redeemable noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(365
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(365
|
)
|
|||||||||
Contributions from noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
790
|
|
|
790
|
|
|||||||||
Distributions to noncontrolling interests
(6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,815
|
)
|
|
(10,815
|
)
|
|||||||||
Balance as of December 31, 2016
|
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
72
|
|
|
$
|
3,602,172
|
|
|
$
|
(2,581,488
|
)
|
|
$
|
(4,218
|
)
|
|
$
|
43,120
|
|
|
$
|
1,059,684
|
|
(1)
|
Refer to Note 13 for details on the Company's Preferred Stock.
|
(2)
|
All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 13).
|
(3)
|
For the
years
ended
December 31, 2016
, 2015 and 2014 net income (loss) shown above excludes
$(6,051)
,
$(3,456)
and
$(1,925)
of net loss attributable to redeemable noncontrolling interests.
|
(4)
|
During the year ended December 31, 2014, the Company sold its
72%
interest in a previously consolidated entity to one of its unconsolidated ventures (refer to
Note 4
and
Note 7
).
|
(5)
|
Includes a
$6.4 million
payment to acquire a noncontrolling interest (refer to
Note 4
).
|
(6)
|
Includes payments of
$10.8 million
to acquire a noncontrolling interest (refer to Note 5).
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
100,182
|
|
|
$
|
(6,157
|
)
|
|
$
|
15,765
|
|
Adjustments to reconcile net income (loss) to cash flows from operating activities:
|
|
|
|
|
|
||||||
(Recovery of) provision for loan losses
|
(12,514
|
)
|
|
36,567
|
|
|
(1,714
|
)
|
|||
Impairment of assets
|
14,484
|
|
|
10,524
|
|
|
34,634
|
|
|||
Depreciation and amortization
|
54,329
|
|
|
65,247
|
|
|
73,571
|
|
|||
Payments for withholding taxes upon vesting of stock-based compensation
|
(1,451
|
)
|
|
(1,718
|
)
|
|
(21,250
|
)
|
|||
Non-cash expense for stock-based compensation
|
10,889
|
|
|
12,013
|
|
|
13,314
|
|
|||
Amortization of discounts/premiums and deferred financing costs on debt obligations, net
|
16,810
|
|
|
17,352
|
|
|
16,891
|
|
|||
Amortization of discounts/premiums on loans, net
|
(14,873
|
)
|
|
(11,606
|
)
|
|
(12,367
|
)
|
|||
Deferred interest on loans, net
|
22,396
|
|
|
(34,458
|
)
|
|
(22,196
|
)
|
|||
Gain from sales of loans
|
—
|
|
|
—
|
|
|
(19,067
|
)
|
|||
Earnings from equity method investments
|
(77,349
|
)
|
|
(32,153
|
)
|
|
(94,905
|
)
|
|||
Distributions from operations of other investments
|
48,732
|
|
|
29,999
|
|
|
80,116
|
|
|||
Deferred operating lease income
|
(9,921
|
)
|
|
(7,950
|
)
|
|
(8,492
|
)
|
|||
Income from sales of real estate
|
(105,296
|
)
|
|
(93,816
|
)
|
|
(89,943
|
)
|
|||
Land development revenue in excess of cost of sales
|
(26,333
|
)
|
|
(32,834
|
)
|
|
(2,351
|
)
|
|||
Loss on early extinguishment of debt, net
|
1,619
|
|
|
281
|
|
|
25,369
|
|
|||
Debt discount on repayments and repurchases of debt obligations
|
(5,381
|
)
|
|
(578
|
)
|
|
(14,888
|
)
|
|||
Other operating activities, net
|
6,897
|
|
|
5,889
|
|
|
6,751
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Changes in accrued interest and operating lease income receivable, net
|
3,634
|
|
|
(2,068
|
)
|
|
(1,426
|
)
|
|||
Changes in deferred expenses and other assets, net
|
(6,397
|
)
|
|
2,631
|
|
|
4,601
|
|
|||
Changes in accounts payable, accrued expenses and other liabilities, net
|
(453
|
)
|
|
(17,112
|
)
|
|
7,245
|
|
|||
Cash flows provided by (used in) operating activities
|
20,004
|
|
|
(59,947
|
)
|
|
(10,342
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Originations and fundings of loans receivable, net
|
(410,975
|
)
|
|
(478,822
|
)
|
|
(622,428
|
)
|
|||
Capital expenditures on real estate assets
|
(69,810
|
)
|
|
(81,525
|
)
|
|
(68,464
|
)
|
|||
Capital expenditures on land and development assets
|
(103,806
|
)
|
|
(88,219
|
)
|
|
(74,323
|
)
|
|||
Acquisitions of real estate assets
|
(38,433
|
)
|
|
—
|
|
|
(4,666
|
)
|
|||
Repayments of and principal collections on loans receivable and other lending investments, net
|
504,844
|
|
|
273,454
|
|
|
512,528
|
|
|||
Net proceeds from sales of loans receivable
|
—
|
|
|
6,655
|
|
|
65,438
|
|
|||
Net proceeds from sales of real estate
|
435,560
|
|
|
362,530
|
|
|
404,336
|
|
|||
Net proceeds from sales of land and development assets
|
94,424
|
|
|
81,601
|
|
|
15,191
|
|
|||
Net proceeds from sale of other investments
|
43,936
|
|
|
—
|
|
|
—
|
|
|||
Distributions from other investments
|
92,482
|
|
|
119,854
|
|
|
61,031
|
|
|||
Contributions to other investments
|
(58,197
|
)
|
|
(11,531
|
)
|
|
(159,424
|
)
|
|||
Changes in restricted cash held in connection with investing activities
|
1,515
|
|
|
(7,550
|
)
|
|
29,283
|
|
|||
Other investing activities, net
|
(24,997
|
)
|
|
7,581
|
|
|
1,291
|
|
|||
Cash flows provided by investing activities
|
466,543
|
|
|
184,028
|
|
|
159,793
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Borrowings from debt obligations
|
716,001
|
|
|
549,000
|
|
|
1,349,822
|
|
|||
Repayments and repurchases of debt obligations
|
(1,437,557
|
)
|
|
(432,383
|
)
|
|
(1,471,174
|
)
|
|||
Proceeds from loan participations payable
|
22,844
|
|
|
138,075
|
|
|
—
|
|
|||
Preferred dividends paid
|
(51,320
|
)
|
|
(51,320
|
)
|
|
(51,320
|
)
|
|||
Repurchase of stock
|
(99,335
|
)
|
|
(69,511
|
)
|
|
—
|
|
|||
Redemption of HPUs
|
—
|
|
|
(9,811
|
)
|
|
—
|
|
|||
Payments for deferred financing costs
|
(9,980
|
)
|
|
(2,255
|
)
|
|
(19,595
|
)
|
|||
Other financing activities, net
|
(9,564
|
)
|
|
(7,314
|
)
|
|
1,309
|
|
|||
Cash flows provided by (used in) financing activities
|
(868,911
|
)
|
|
114,481
|
|
|
(190,958
|
)
|
|||
Effect of exchange rate changes on cash
|
7
|
|
|
478
|
|
|
—
|
|
|||
Changes in cash and cash equivalents
|
(382,357
|
)
|
|
239,040
|
|
|
(41,507
|
)
|
|||
Cash and cash equivalents at beginning of period
|
711,101
|
|
|
472,061
|
|
|
513,568
|
|
|||
Cash and cash equivalents at end of period
|
$
|
328,744
|
|
|
$
|
711,101
|
|
|
$
|
472,061
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the period for interest, net of amount capitalized
|
$
|
199,667
|
|
|
$
|
207,972
|
|
|
194,605
|
|
|
Supplemental disclosure of non-cash investing and financing activity:
|
|
|
|
|
|
||||||
Fundings and repayments of loan receivables and loan participations, net
|
$
|
(15,594
|
)
|
|
$
|
14,075
|
|
|
$
|
—
|
|
Developer fee payable
|
9,478
|
|
|
7,435
|
|
|
6,791
|
|
|||
Acquisitions of real estate and land and development assets through deed-in-lieu
|
40,583
|
|
|
13,424
|
|
|
77,867
|
|
|||
Acquisitions of equity method investment assets through deed-in-lieu
|
—
|
|
|
—
|
|
|
23,500
|
|
|||
Contributions of real estate and land and development assets to equity method investments, net
|
8,828
|
|
|
21,096
|
|
|
63,254
|
|
|||
Accounts payable for capital expenditures on land and development assets
|
3,674
|
|
|
7,143
|
|
|
7,580
|
|
|||
Accounts payable for capital expenditures on real estate assets
|
—
|
|
|
8,107
|
|
|
—
|
|
|||
Conversion of senior unsecured convertible notes into common stock
|
9,596
|
|
|
—
|
|
|
—
|
|
|||
Redemption of HPUs in exchange for common stock
|
—
|
|
|
15,240
|
|
|
—
|
|
|||
Receivable from sales of real estate and land parcels
|
7,509
|
|
|
22,695
|
|
|
—
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
(1)
|
|
2015
|
|
2014
|
||||||
Current tax benefit (expense)
|
$
|
9,751
|
|
|
$
|
(7,639
|
)
|
|
$
|
(3,912
|
)
|
Deferred tax benefit (expense)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total income tax (expense) benefit
|
$
|
9,751
|
|
|
$
|
(7,639
|
)
|
|
$
|
(3,912
|
)
|
(1)
|
For the year ended December 31, 2016, excludes a REIT income tax benefit of
$0.4 million
.
|
|
|
As of December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Deferred tax assets
(1)
|
|
$
|
66,498
|
|
|
$
|
53,910
|
|
Valuation allowance
|
|
(66,498
|
)
|
|
(53,910
|
)
|
||
Net deferred tax assets (liabilities)
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Deferred tax assets as of
December 31, 2016
include timing differences related primarily to asset basis of
$29.7 million
, deferred expenses and other items of
$17.9 million
, NOL carryforwards of
$15.6 million
and other credits of
$3.3 million
. Deferred tax assets as of
December 31, 2015
include timing differences related primarily to asset basis of
$40.0 million
, deferred expenses and other items of
$10.7 million
and NOL carryforwards of
$3.2 million
.
|
|
Net Lease
(1)
|
|
Operating
Properties
|
|
Total
|
||||||
As of December 31, 2016
|
|
|
|
|
|
||||||
Land, at cost
|
$
|
231,506
|
|
|
$
|
211,054
|
|
|
$
|
442,560
|
|
Buildings and improvements, at cost
|
987,050
|
|
|
311,283
|
|
|
1,298,333
|
|
|||
Less: accumulated depreciation
|
(307,444
|
)
|
|
(46,175
|
)
|
|
(353,619
|
)
|
|||
Real estate, net
|
911,112
|
|
|
476,162
|
|
|
1,387,274
|
|
|||
Real estate available and held for sale
(2)
|
155,051
|
|
|
82,480
|
|
|
237,531
|
|
|||
Total real estate
|
$
|
1,066,163
|
|
|
$
|
558,642
|
|
|
$
|
1,624,805
|
|
As of December 31, 2015
|
|
|
|
|
|
||||||
Land, at cost
|
$
|
268,927
|
|
|
$
|
133,275
|
|
|
$
|
402,202
|
|
Buildings and improvements, at cost
|
1,059,183
|
|
|
427,371
|
|
|
1,486,554
|
|
|||
Less: accumulated depreciation
|
(318,839
|
)
|
|
(79,142
|
)
|
|
(397,981
|
)
|
|||
Real estate, net
|
1,009,271
|
|
|
481,504
|
|
|
1,490,775
|
|
|||
Real estate available and held for sale
(2)
|
148,841
|
|
|
137,274
|
|
|
286,115
|
|
|||
Total real estate
|
$
|
1,158,112
|
|
|
$
|
618,778
|
|
|
$
|
1,776,890
|
|
(1)
|
In 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first refusal to the Net Lease Venture on all new net lease investments (refer to Note 7 for more information on the Net Lease Venture). The Company is responsible for sourcing new opportunities and managing the Net Lease Venture and its assets in exchange for a promote and management fee.
|
(2)
|
As of
December 31, 2016
and
2015
the Company had
$82.5 million
and
$137.3 million
, respectively, of residential properties available for sale in its operating properties portfolio. As of
December 31, 2016
, net lease includes the Company's ground lease ("GL") assets that were reclassified to "Real estate available and held for sale" (refer to "Disposition of Ground Lease Business" below). As of
December 31, 2016
, the carrying value of the Company's GL assets were previously classified as
$104.5 million
in "Real estate, net,"
$37.5 million
in "Deferred expenses and other assets, net,"
$8.2 million
in "Deferred operating lease income receivable, net" and
$3.5 million
in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheet. As of December 31, 2015, net lease includes the Company's GL assets that were reclassified to "Real estate available and held for sale" (refer to "Disposition of Ground Lease Business" below). As of December 31, 2015, the carrying value of the Company's GL assets were previously classified as
$103.2 million
in "Real estate, net,"
$39.0 million
in "Deferred expenses and other assets, net,"
$4.0 million
in "Deferred operating lease income receivable, net" and
$2.7 million
in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheet.
|
Pro forma total revenues
|
$
|
449,449
|
|
Pro forma net income
|
15,351
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Revenues
|
|
$
|
21,839
|
|
|
$
|
18,520
|
|
|
$
|
16,878
|
|
Expenses
|
|
3,569
|
|
|
3,443
|
|
|
3,756
|
|
|||
Income from discontinued operations
|
|
$
|
18,270
|
|
|
$
|
15,077
|
|
|
$
|
13,122
|
|
(1)
|
Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense.
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows provided by operating activities
|
|
$
|
16,662
|
|
|
$
|
14,446
|
|
|
$
|
15,459
|
|
Cash flows used in investing activities
|
|
7,972
|
|
|
—
|
|
|
—
|
|
Year
|
|
Net Lease Assets
|
|
Operating Properties
|
||||
2017
|
|
$
|
106,076
|
|
|
$
|
36,580
|
|
2018
|
|
108,975
|
|
|
34,535
|
|
||
2019
|
|
109,485
|
|
|
30,805
|
|
||
2020
|
|
108,922
|
|
|
28,225
|
|
||
2021
|
|
108,922
|
|
|
26,794
|
|
|
As of December 31,
|
||||||
|
2016
|
|
2015
|
||||
Land and land development, at cost
|
$
|
952,051
|
|
|
$
|
1,007,995
|
|
Less: accumulated depreciation
|
(6,486
|
)
|
|
(6,032
|
)
|
||
Total land and development, net
|
$
|
945,565
|
|
|
$
|
1,001,963
|
|
|
As of December 31,
|
||||||
Type of Investment
|
2016
|
|
2015
|
||||
Senior mortgages
|
$
|
940,738
|
|
|
$
|
975,915
|
|
Corporate/Partnership loans
|
490,389
|
|
|
643,270
|
|
||
Subordinate mortgages
|
24,941
|
|
|
28,676
|
|
||
Total gross carrying value of loans
|
1,456,068
|
|
|
1,647,861
|
|
||
Reserves for loan losses
|
(85,545
|
)
|
|
(108,165
|
)
|
||
Total loans receivable, net
|
1,370,523
|
|
|
1,539,696
|
|
||
Other lending investments—securities
|
79,916
|
|
|
62,289
|
|
||
Total loans receivable and other lending investments, net
|
$
|
1,450,439
|
|
|
$
|
1,601,985
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Reserve for loan losses at beginning of period
|
$
|
108,165
|
|
|
$
|
98,490
|
|
|
$
|
377,204
|
|
(Recovery of) provision for loan losses
(1)
|
(12,514
|
)
|
|
36,567
|
|
|
(1,714
|
)
|
|||
Charge-offs
|
(10,106
|
)
|
|
(26,892
|
)
|
|
(277,000
|
)
|
|||
Reserve for loan losses at end of period
|
$
|
85,545
|
|
|
$
|
108,165
|
|
|
$
|
98,490
|
|
(1)
|
For the
years
ended
December 31, 2016
,
2015
and
2014
, the provision for loan losses includes recoveries of previously recorded asset-specific loan loss reserves of
$13.7 million
,
$0.6 million
and
$10.1 million
, respectively.
|
|
Individually
Evaluated for
Impairment
(1)
|
|
Collectively
Evaluated for
Impairment
(2)
|
|
Total
|
||||||
As of December 31, 2016
|
|
|
|
|
|
||||||
Loans
|
$
|
253,941
|
|
|
$
|
1,209,062
|
|
|
$
|
1,463,003
|
|
Less: Reserve for loan losses
|
(62,245
|
)
|
|
(23,300
|
)
|
|
(85,545
|
)
|
|||
Total
(3)
|
$
|
191,696
|
|
|
$
|
1,185,762
|
|
|
$
|
1,377,458
|
|
As of December 31, 2015
|
|
|
|
|
|
||||||
Loans
|
$
|
132,492
|
|
|
$
|
1,524,347
|
|
|
$
|
1,656,839
|
|
Less: Reserve for loan losses
|
(72,165
|
)
|
|
(36,000
|
)
|
|
(108,165
|
)
|
|||
Total
(3)
|
$
|
60,327
|
|
|
$
|
1,488,347
|
|
|
$
|
1,548,674
|
|
(1)
|
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of
$0.4 million
and
$0.2 million
as of
December 31, 2016
and
2015
, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income. During the year ended December 31, 2016, the Company transferred a loan with a gross carrying value of
$157.2 million
to non-performing status due to the initiation of bankruptcy proceedings related to the collateral, which resulted in the release of
$11.6 million
of the general reserve. The Company performed a valuation and recorded a specific reserve of
$12.5 million
.
|
(2)
|
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of
$1.9 million
and
$8.2 million
as of
December 31, 2016
and
2015
, respectively.
|
(3)
|
The Company's recorded investment in loans as of December 31, 2016 and 2015 includes accrued interest of
$6.9 million
and
$9.0 million
, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of December 31, 2016 and 2015, excludes
$79.9 million
and
$62.3 million
, respectively, of securities that are evaluated for impairment under ASC 320.
|
|
As of December 31,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
|
Performing
Loans
|
|
Weighted
Average
Risk Ratings
|
|
Performing
Loans
|
|
Weighted
Average
Risk Ratings
|
||||||
Senior mortgages
|
$
|
859,250
|
|
|
3.12
|
|
|
$
|
853,595
|
|
|
2.96
|
|
Corporate/Partnership loans
|
335,677
|
|
|
3.09
|
|
|
641,713
|
|
|
3.37
|
|
||
Subordinate mortgages
|
14,135
|
|
|
3.00
|
|
|
29,039
|
|
|
3.64
|
|
||
Total
|
$
|
1,209,062
|
|
|
3.11
|
|
|
$
|
1,524,347
|
|
|
3.15
|
|
As of December 31, 2016
|
Current
|
|
Less Than
and Equal
to 90 Days
|
|
Greater
Than
90 Days
(1)
|
|
Total
Past Due
|
|
Total
|
||||||||||
Senior mortgages
|
$
|
868,505
|
|
|
$
|
—
|
|
|
$
|
76,677
|
|
|
$
|
76,677
|
|
|
$
|
945,182
|
|
Corporate/Partnership loans
|
335,677
|
|
|
—
|
|
|
157,146
|
|
|
157,146
|
|
|
492,823
|
|
|||||
Subordinate mortgages
|
24,998
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,998
|
|
|||||
Total
|
$
|
1,229,180
|
|
|
$
|
—
|
|
|
$
|
233,823
|
|
|
$
|
233,823
|
|
|
$
|
1,463,003
|
|
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior mortgages
|
$
|
864,099
|
|
|
$
|
—
|
|
|
$
|
116,250
|
|
|
$
|
116,250
|
|
|
$
|
980,349
|
|
Corporate/Partnership loans
|
647,451
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
647,451
|
|
|||||
Subordinate mortgages
|
29,039
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,039
|
|
|||||
Total
|
$
|
1,540,589
|
|
|
$
|
—
|
|
|
$
|
116,250
|
|
|
$
|
116,250
|
|
|
$
|
1,656,839
|
|
(1)
|
As of
December 31, 2016
, the Company had
four
loans which were greater than
90 days
delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from
1.0
to
8.0 years
outstanding. As of December 31, 2015, the Company had
four
loans which were greater than
90 days
delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from
1.0
to
7.0
years outstanding.
|
|
As of December 31, 2016
|
|
As of December 31, 2015
|
||||||||||||||||||||
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Subordinate mortgages
|
$
|
10,862
|
|
|
$
|
10,846
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Subtotal
|
$
|
10,862
|
|
|
$
|
10,846
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior mortgages
|
$
|
85,933
|
|
|
$
|
85,780
|
|
|
$
|
(49,774
|
)
|
|
$
|
126,754
|
|
|
$
|
125,776
|
|
|
$
|
(69,627
|
)
|
Corporate/Partnership loans
|
157,146
|
|
|
146,783
|
|
|
(12,471
|
)
|
|
5,738
|
|
|
5,738
|
|
|
(2,538
|
)
|
||||||
Subtotal
|
$
|
243,079
|
|
|
$
|
232,563
|
|
|
$
|
(62,245
|
)
|
|
$
|
132,492
|
|
|
$
|
131,514
|
|
|
$
|
(72,165
|
)
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior mortgages
|
$
|
85,933
|
|
|
$
|
85,780
|
|
|
$
|
(49,774
|
)
|
|
$
|
126,754
|
|
|
$
|
125,776
|
|
|
$
|
(69,627
|
)
|
Corporate/Partnership loans
|
157,146
|
|
|
146,783
|
|
|
(12,471
|
)
|
|
5,738
|
|
|
5,738
|
|
|
(2,538
|
)
|
||||||
Subordinate mortgages
|
10,862
|
|
|
10,846
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
253,941
|
|
|
$
|
243,409
|
|
|
$
|
(62,245
|
)
|
|
$
|
132,492
|
|
|
$
|
131,514
|
|
|
$
|
(72,165
|
)
|
(1)
|
All of the Company's non-accrual loans are considered impaired and included in the table above.
|
|
For the Years Ended December 31,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||||||||||||||
|
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
|
$
|
3,661
|
|
|
$
|
226
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,659
|
|
|
$
|
1,922
|
|
Subordinate mortgages
|
6,799
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Subtotal
|
10,460
|
|
|
226
|
|
|
—
|
|
|
—
|
|
|
35,659
|
|
|
1,922
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior mortgages
|
118,921
|
|
|
—
|
|
|
129,135
|
|
|
38
|
|
|
334,351
|
|
|
158
|
|
||||||
Corporate/Partnership loans
|
66,101
|
|
|
—
|
|
|
24,252
|
|
|
12
|
|
|
52,963
|
|
|
181
|
|
||||||
Subtotal
|
185,022
|
|
|
—
|
|
|
153,387
|
|
|
50
|
|
|
387,314
|
|
|
339
|
|
||||||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior mortgages
|
122,582
|
|
|
226
|
|
|
129,135
|
|
|
38
|
|
|
370,010
|
|
|
2,080
|
|
||||||
Corporate/Partnership loans
|
66,101
|
|
|
—
|
|
|
24,252
|
|
|
12
|
|
|
52,963
|
|
|
181
|
|
||||||
Subordinate mortgages
|
6,799
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
195,482
|
|
|
$
|
226
|
|
|
$
|
153,387
|
|
|
$
|
50
|
|
|
$
|
422,973
|
|
|
$
|
2,261
|
|
|
Face Value
|
|
Amortized Cost Basis
|
|
Net Unrealized Gain (Loss)
|
|
Estimated Fair Value
|
|
Net Carrying Value
|
||||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Available-for-Sale Securities
|
|
|
|
|
|
|
|
|
|
||||||||||
Municipal debt securities
|
$
|
21,240
|
|
|
$
|
21,240
|
|
|
$
|
426
|
|
|
$
|
21,666
|
|
|
$
|
21,666
|
|
Held-to-Maturity Securities
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt securities
|
58,454
|
|
|
58,250
|
|
|
2,753
|
|
|
61,003
|
|
|
58,250
|
|
|||||
Total
|
$
|
79,694
|
|
|
$
|
79,490
|
|
|
$
|
3,179
|
|
|
$
|
82,669
|
|
|
$
|
79,916
|
|
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Available-for-Sale Securities
|
|
|
|
|
|
|
|
|
|
||||||||||
Municipal debt securities
|
$
|
1,010
|
|
|
$
|
1,010
|
|
|
$
|
151
|
|
|
$
|
1,161
|
|
|
$
|
1,161
|
|
Held-to-Maturity Securities
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt securities
|
54,549
|
|
|
61,128
|
|
|
71
|
|
|
61,199
|
|
|
61,128
|
|
|||||
Total
|
$
|
55,559
|
|
|
$
|
62,138
|
|
|
$
|
222
|
|
|
$
|
62,360
|
|
|
$
|
62,289
|
|
|
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
|
58,250
|
|
|
61,003
|
|
|
—
|
|
|
—
|
|
||||
After 5 years through 10 years
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
After 10 years
|
—
|
|
|
—
|
|
|
21,240
|
|
|
21,666
|
|
||||
Total
|
$
|
58,250
|
|
|
$
|
61,003
|
|
|
$
|
21,240
|
|
|
$
|
21,666
|
|
|
Carrying Value
|
|
Equity in Earnings (Losses)
|
||||||||||||||||
|
As of December 31,
|
|
For the Years Ended December 31,
|
||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Real estate equity investments
|
|
|
|
|
|
|
|
|
|
||||||||||
iStar Net Lease I LLC ("Net Lease Venture")
|
$
|
92,669
|
|
|
$
|
69,096
|
|
|
$
|
3,567
|
|
|
$
|
5,221
|
|
|
$
|
1,915
|
|
Marina Palms, LLC ("Marina Palms")
|
35,185
|
|
|
30,099
|
|
|
22,053
|
|
|
23,626
|
|
|
14,671
|
|
|||||
Other real estate equity investments
(1)
|
53,202
|
|
|
81,452
|
|
|
41,822
|
|
|
(5,280
|
)
|
|
36,842
|
|
|||||
Subtotal
|
181,056
|
|
|
180,647
|
|
|
67,442
|
|
|
23,567
|
|
|
53,428
|
|
|||||
Other strategic investments
(2)(3)
|
33,350
|
|
|
73,525
|
|
|
9,907
|
|
|
8,586
|
|
|
41,477
|
|
|||||
Total
|
$
|
214,406
|
|
|
$
|
254,172
|
|
|
$
|
77,349
|
|
|
$
|
32,153
|
|
|
$
|
94,905
|
|
(1)
|
During the year ended December 31, 2016, a majority-owned consolidated subsidiary of the Company sold its interest in a real estate equity method investment for net proceeds of
$39.8 million
and recognized equity in earnings of
$31.5 million
, of which
$10.1 million
was attributable to the noncontrolling interest. In addition, the Company received a distribution from one of its real estate equity method investments and recognized equity in earnings during the year ended December 31, 2016 of
$11.6 million
. During the year ended December 31, 2014, the Company recognized
$32.9 million
of earnings from equity method investments resulting from asset sales by one of its equity method investees.
|
(2)
|
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.
|
(3)
|
In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the
years
ended
December 31, 2016
, 2015 and 2014, the Company recognized
$4.3 million
,
$2.2 million
and
$9.0 million
, respectively, of carried interest income.
|
|
|
As of December 31,
|
|
|
For the Years Ended December 31,
|
||||||||||||||||
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Balance Sheets
|
|
|
|
|
|
Income Statements
|
|
|
|
|
|
||||||||||
Total assets
|
|
$
|
2,803,411
|
|
|
$
|
3,597,587
|
|
|
Revenues
|
$
|
272,281
|
|
|
$
|
481,224
|
|
|
$
|
626,039
|
|
Total liabilities
|
|
683,079
|
|
|
768,622
|
|
|
Expenses
|
(227,720
|
)
|
|
(245,968
|
)
|
|
(185,603
|
)
|
|||||
Noncontrolling interests
|
|
23,544
|
|
|
19,208
|
|
|
Net income attributable to parent entities
|
42,209
|
|
|
234,529
|
|
|
440,210
|
|
|||||
Total equity
|
|
2,096,788
|
|
|
2,809,757
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
||||||
|
2016
|
|
2015
|
||||
Intangible assets, net
(1)
|
$
|
30,727
|
|
|
$
|
33,532
|
|
Other receivables
(2)
|
52,820
|
|
|
22,557
|
|
||
Other assets
|
35,189
|
|
|
36,665
|
|
||
Restricted cash
|
25,883
|
|
|
26,657
|
|
||
Leasing costs, net
(3)
|
11,802
|
|
|
18,668
|
|
||
Corporate furniture, fixtures and equipment, net
(4)
|
5,691
|
|
|
4,405
|
|
||
Deferred expenses and other assets, net
|
$
|
162,112
|
|
|
$
|
142,484
|
|
(1)
|
Intangible assets, net includes above market and in-place lease assets related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was
$31.9 million
and
$36.8 million
as of
December 31, 2016
and
2015
, respectively. The amortization of above market leases decreased operating lease income in the Company's consolidated statements of operations by
$3.9 million
,
$6.4 million
and
$8.6 million
for the
years
ended
December 31, 2016
,
2015
, and
2014
, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was
$1.9 million
,
$3.6 million
and
$6.7 million
for the
years
ended
December 31, 2016
,
2015
, and
2014
, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.
|
(2)
|
As of December 31, 2016 and 2015, includes
$26.0 million
and
$11.3 million
, respectively, of receivables related to the construction and development of an amphitheater (refer to Note 5).
|
(3)
|
Accumulated amortization of leasing costs was
$6.7 million
and
$9.8 million
as of
December 31, 2016
and
2015
, respectively.
|
(4)
|
Accumulated depreciation on corporate furniture, fixtures and equipment was
$9.0 million
and
$8.1 million
as of
December 31, 2016
and
2015
, respectively.
|
|
As of December 31,
|
||||||
|
2016
|
|
2015
|
||||
Other liabilities
(1)
|
$
|
75,993
|
|
|
$
|
80,332
|
|
Accrued expenses
(2)
|
72,693
|
|
|
68,937
|
|
||
Accrued interest payable
|
54,033
|
|
|
55,081
|
|
||
Intangible liabilities, net
(3)
|
8,851
|
|
|
10,485
|
|
||
Accounts payable, accrued expenses and other liabilities
|
$
|
211,570
|
|
|
$
|
214,835
|
|
(1)
|
As of
December 31, 2016
and 2015, "Other liabilities" includes
$24.0 million
and
$14.5 million
, respectively, related to profit sharing arrangements with developers for certain properties sold. As of December 31, 2016 and 2015, includes
$2.0 million
and
$4.6 million
, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of December 31, 2016 and 2015, "Other liabilities" also includes
$8.5 million
and
$6.6 million
, respectively related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units.
|
(2)
|
As of December 31, 2016 and 2015, accrued expenses includes
$1.7 million
and
$5.5 million
, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.
|
(3)
|
Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was
$6.4 million
and
$6.6 million
as of
December 31, 2016
and
2015
, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by
$1.1 million
,
$1.5 million
and
$2.5 million
for the
years
ended
December 31, 2016
,
2015
and
2014
, respectively.
|
|
|
Carrying Value as of
|
||||||
|
|
December 31, 2016
|
|
December 31, 2015
|
||||
Loan participations payable
(1)
|
|
$
|
160,251
|
|
|
$
|
153,000
|
|
Debt discounts and deferred financing costs, net
|
|
(930
|
)
|
|
(914
|
)
|
||
Total loan participations payable, net
|
|
$
|
159,321
|
|
|
$
|
152,086
|
|
(1)
|
As of December 31, 2016, the Company had
three
loan participations payable with a weighted average interest rate of
4.8%
. As of December 31, 2015, the Company had
two
loan participations payable with a weighted average interest rate of
4.6%
.
|
|
Carrying Value as of December 31,
|
|
Stated
Interest Rates
|
|
Scheduled
Maturity Date
|
|||||||
|
2016
|
|
2015
|
|
|
|||||||
Secured credit facilities and mortgages:
|
|
|
|
|
|
|
|
|||||
2015 $250 Million Secured Revolving Credit Facility
|
$
|
—
|
|
|
$
|
250,000
|
|
|
LIBOR + 2.75%
|
(1)
|
March 2018
|
|
2016 Senior Secured Credit Facility
|
498,648
|
|
|
—
|
|
|
LIBOR + 4.50%
|
(2)
|
July 2020
|
|||
Mortgages collateralized by net lease assets
|
249,987
|
|
|
239,547
|
|
|
3.875% - 7.26%
|
|
(3)
|
Various through 2032
|
||
2012 Tranche A-2 Facility
|
—
|
|
|
339,717
|
|
|
LIBOR + 5.75%
|
(4)
|
—
|
|||
Total secured credit facilities and mortgages
|
748,635
|
|
|
829,264
|
|
|
|
|
|
|
||
Unsecured notes:
|
|
|
|
|
|
|
|
|||||
5.875% senior notes
|
—
|
|
|
261,403
|
|
|
5.875
|
%
|
|
—
|
||
3.875% senior notes
|
—
|
|
|
265,000
|
|
|
3.875
|
%
|
|
—
|
||
3.00% senior convertible notes
(5)
|
—
|
|
|
200,000
|
|
|
3.00
|
%
|
|
—
|
||
1.50% senior convertible notes
(6)
|
—
|
|
|
200,000
|
|
|
1.50
|
%
|
|
—
|
||
5.85% senior notes
|
99,722
|
|
|
99,722
|
|
|
5.85
|
%
|
|
March 2017
|
||
9.00% senior notes
|
275,000
|
|
|
275,000
|
|
|
9.00
|
%
|
|
June 2017
|
||
4.00% senior notes
(7)
|
550,000
|
|
|
550,000
|
|
|
4.00
|
%
|
|
November 2017
|
||
7.125% senior notes
|
300,000
|
|
|
300,000
|
|
|
7.125
|
%
|
|
February 2018
|
||
4.875% senior notes
(8)
|
300,000
|
|
|
300,000
|
|
|
4.875
|
%
|
|
July 2018
|
||
5.00% senior notes
(9)
|
770,000
|
|
|
770,000
|
|
|
5.00
|
%
|
|
July 2019
|
||
6.50% senior notes
(10)
|
275,000
|
|
|
—
|
|
|
6.50
|
%
|
|
July 2021
|
||
Total unsecured notes
|
2,569,722
|
|
|
3,221,125
|
|
|
|
|
|
|
||
Other debt obligations:
|
|
|
|
|
|
|
|
|||||
Trust preferred securities
|
100,000
|
|
|
100,000
|
|
|
LIBOR + 1.50%
|
|
|
October 2035
|
||
Total debt obligations
|
3,418,357
|
|
|
4,150,389
|
|
|
|
|
|
|
||
Debt discounts and deferred financing costs, net
|
(28,449
|
)
|
|
(31,566
|
)
|
|
|
|
|
|
||
Total debt obligations, net
(11)
|
$
|
3,389,908
|
|
|
$
|
4,118,823
|
|
|
|
|
|
|
(1)
|
The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus
0.5%
or (c) LIBOR plus
1.0%
and subject to a margin ranging from
1.25%
to
1.75%
, or (ii) LIBOR subject to a margin ranging from
2.25%
to
2.75%
. At maturity, the Company may convert outstanding borrowings to a
one year
term loan which matures in quarterly installments through March 2019.
|
(2)
|
The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus
0.5%
or (c) LIBOR plus
1.0%
and subject to a margin of
3.5%
or (ii) LIBOR subject to a margin of
4.5%
with a minimum LIBOR rate of
1.0%
.
|
(3)
|
As of
December 31, 2016
and
2015
, includes a loan with a floating rate of LIBOR plus
2.00%
. As of
December 31, 2016
, the weighted average interest rate of these loans is
5.1%
.
|
(4)
|
The loan had a LIBOR floor of
1.25%
.
|
(5)
|
The Company's
3.00%
senior convertible fixed rate notes due November 2016 ("
3.00%
Convertible Notes") were convertible at the option of the holders, into
85.0
shares per
$1,000
principal amount of
3.00%
Convertible Notes, at
$11.77
per share at any time prior to the close of business on November 14, 2016.
$9.6 million
principal amount of the
3.00%
Convertible Notes were converted into
0.8 million
shares of common stock.
|
(6)
|
The Company's
1.50%
senior convertible fixed rate notes due November 2016 ("
1.50%
Convertible Notes") were convertible at the option of the holders, into
57.8
shares per
$1,000
principal amount of
1.50%
Convertible Notes, at
$17.29
per share at any time prior to the close of business on November 14, 2016. None of the
1.50%
Convertible Notes were converted into shares of common stock.
|
(7)
|
The Company can prepay these senior notes without penalty beginning August 1, 2017.
|
(8)
|
The Company can prepay these senior notes without penalty beginning January 1, 2018.
|
(9)
|
The Company can prepay these senior notes without penalty beginning July 1, 2018.
|
(10)
|
The Company can prepay these senior notes without penalty beginning July 1, 2020.
|
(11)
|
The Company capitalized interest relating to development activities of
$5.8 million
,
$5.3 million
and
$4.9 million
for the years ended
December 31, 2016
2015
and
2014
, respectively.
|
|
Unsecured Debt
|
|
Secured Debt
|
|
Total
|
||||||
2017
(1)
|
$
|
924,722
|
|
|
$
|
—
|
|
|
$
|
924,722
|
|
2018
|
600,000
|
|
|
11,196
|
|
|
611,196
|
|
|||
2019
|
770,000
|
|
|
29,191
|
|
|
799,191
|
|
|||
2020
|
—
|
|
|
498,648
|
|
|
498,648
|
|
|||
2021
|
275,000
|
|
|
119,860
|
|
|
394,860
|
|
|||
Thereafter
|
100,000
|
|
|
89,740
|
|
|
189,740
|
|
|||
Total principal maturities
|
2,669,722
|
|
|
748,635
|
|
|
3,418,357
|
|
|||
Unamortized discounts and deferred financing costs, net
|
(18,426
|
)
|
|
(10,023
|
)
|
|
(28,449
|
)
|
|||
Total debt obligations, net
|
$
|
2,651,296
|
|
|
$
|
738,612
|
|
|
$
|
3,389,908
|
|
(1)
|
The Company has
$924.7 million
of
debt obligations maturing in three separate tranches during 2017, and
$311.2 million
of other debt obligations maturing before the end of February 2018, as listed in the debt obligations table above. The Company's plans to satisfy these obligations primarily consist of accessing the debt and/or equity markets to obtain capital to satisfy the maturing obligations. In addition, management intends to execute on its business strategy of disposing of assets and selling interests in business lines as well as collecting loan repayments from borrowers to further generate available liquidity. Should these sources of capital not be sufficiently available, the Company will slow its pace of making new investments and will need to identify alternative sources of capital. As of February 23, 2017, the Company had approximately
$710.7 million
of cash and available capacity under existing borrowing arrangements.
|
|
As of December 31,
|
||||||||||||||
|
2016
|
|
2015
|
||||||||||||
|
Encumbered Assets
|
|
Unencumbered Assets
|
|
Encumbered Assets
|
|
Unencumbered Assets
|
||||||||
Real estate, net
|
$
|
881,212
|
|
|
$
|
506,062
|
|
|
$
|
723,710
|
|
|
$
|
767,065
|
|
Real estate available and held for sale
|
—
|
|
|
237,531
|
|
|
103,604
|
|
|
182,511
|
|
||||
Land and development, net
|
35,165
|
|
|
910,400
|
|
|
17,714
|
|
|
984,249
|
|
||||
Loans receivable and other lending investments, net
(1)(2)
|
172,581
|
|
|
1,142,050
|
|
|
170,162
|
|
|
1,314,823
|
|
||||
Other investments
|
—
|
|
|
214,406
|
|
|
22,352
|
|
|
231,820
|
|
||||
Cash and other assets
|
—
|
|
|
590,299
|
|
|
—
|
|
|
962,782
|
|
||||
Total
|
$
|
1,088,958
|
|
|
$
|
3,600,748
|
|
|
$
|
1,037,542
|
|
|
$
|
4,443,250
|
|
(1)
|
As of
December 31, 2016
and
2015
, the amounts presented exclude general reserves for loan losses of
$23.3 million
and
$36.0 million
, respectively.
|
(2)
|
As of
December 31, 2016
and
2015
, the amounts presented exclude loan participations of
$159.1 million
and
$153.0 million
, respectively.
|
|
Loans and Other Lending Investments
(1)
|
|
Real Estate
|
|
Other
Investments
|
|
Total
|
||||||||
Performance-Based Commitments
|
$
|
366,287
|
|
|
$
|
14,616
|
|
|
$
|
25,574
|
|
|
$
|
406,477
|
|
Strategic Investments
|
—
|
|
|
—
|
|
|
45,540
|
|
|
45,540
|
|
||||
Total
(2)
|
$
|
366,287
|
|
|
$
|
14,616
|
|
|
$
|
71,114
|
|
|
$
|
452,017
|
|
(1)
|
Excludes
$158.7 million
of commitments on loan participations sold that are not the obligation of the Company.
|
(2)
|
The Company did not have any Discretionary Fundings as of December 31, 2016.
|
2017
|
$
|
5,463
|
|
2018
|
4,552
|
|
|
2019
|
3,692
|
|
|
2020
|
3,696
|
|
|
2021
|
1,439
|
|
|
Thereafter
|
3,752
|
|
|
Derivative Assets as of December 31,
|
|
Derivative Liabilities as of December 31,
|
||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
|
Balance Sheet
Location
|
|
Fair
Value
|
|
Balance Sheet
Location
|
|
Fair
Value
|
|
Balance Sheet
Location
|
|
Fair
Value
|
|
Balance Sheet
Location
|
|
Fair
Value
|
||||||||
Derivatives Designated in Hedging Relationships
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Foreign exchange contracts
|
Other Assets
|
|
$
|
—
|
|
|
Other Assets
|
|
$
|
39
|
|
|
Other Liabilities
|
|
$
|
8
|
|
|
N/A
|
|
$
|
—
|
|
Interest rate swaps
|
N/A
|
|
—
|
|
|
N/A
|
|
—
|
|
|
Other Liabilities
|
|
39
|
|
|
Other Liabilities
|
|
131
|
|
||||
Total
|
|
|
$
|
—
|
|
|
|
|
$
|
39
|
|
|
|
|
$
|
47
|
|
|
|
|
$
|
131
|
|
Derivatives not Designated in Hedging Relationships
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Foreign exchange contracts
|
Other Assets
|
|
$
|
702
|
|
|
Other Assets
|
|
$
|
378
|
|
|
N/A
|
|
$
|
—
|
|
|
N/A
|
|
$
|
—
|
|
Interest rate cap
|
Other Assets
|
|
25
|
|
|
Other Assets
|
|
1,105
|
|
|
N/A
|
|
—
|
|
|
N/A
|
|
—
|
|
||||
Total
|
|
|
$
|
727
|
|
|
|
|
$
|
1,483
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
Derivatives Designated in Hedging Relationships
|
|
Location of Gain (Loss)
Recognized in Income
|
|
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)
|
|
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)
|
|
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
(Ineffective Portion)
|
|||||
For the Year Ended December 31, 2016
|
|
|
|
|
|
|
|||||||
Interest rate cap
|
|
Interest Expense
|
|
$
|
—
|
|
|
$
|
(185
|
)
|
|
N/A
|
|
Interest rate cap
|
|
Earnings from equity investments
|
|
(4
|
)
|
|
(3
|
)
|
|
N/A
|
|
||
Interest rate swaps
|
|
Interest Expense
|
|
(175
|
)
|
|
(32
|
)
|
|
N/A
|
|
||
Interest rate swaps
|
|
Earnings from equity investments
|
|
94
|
|
|
(378
|
)
|
|
N/A
|
|
||
Foreign exchange contracts
|
|
Earnings from equity investments
|
|
(167
|
)
|
|
—
|
|
|
N/A
|
|
||
For the Year Ended December 31, 2015
|
|
|
|
|
|
|
|||||||
Interest rate cap
|
|
Interest Expense
|
|
—
|
|
|
(626
|
)
|
|
N/A
|
|
||
Interest rate cap
|
|
Earnings from equity investments
|
|
(13
|
)
|
|
(1
|
)
|
|
N/A
|
|
||
Interest rate swaps
|
|
Interest Expense
|
|
(537
|
)
|
|
170
|
|
|
N/A
|
|
||
Interest rate swap
|
|
Earnings from equity method investments
|
|
(528
|
)
|
|
(464
|
)
|
|
N/A
|
|
||
Foreign exchange contracts
|
|
Earnings from equity method investments
|
|
(124
|
)
|
|
—
|
|
|
N/A
|
|
||
For the Year Ended December 31, 2014
|
|
|
|
|
|
|
|||||||
Interest rate cap
|
|
Interest Expense
|
|
—
|
|
|
(56
|
)
|
|
N/A
|
|
||
Interest rate cap
|
|
Other Expense
|
|
(2,984
|
)
|
|
—
|
|
|
(3,634
|
)
|
||
Interest rate cap
|
|
Earnings from equity method investments
|
|
(9
|
)
|
|
—
|
|
|
N/A
|
|
||
Interest rate swaps
|
|
Interest Expense
|
|
(970
|
)
|
|
(6
|
)
|
|
N/A
|
|
||
Interest rate swap
|
|
Earnings from equity method investments
|
|
(753
|
)
|
|
(420
|
)
|
|
N/A
|
|
||
Foreign exchange contracts
|
|
Earnings from equity method investments
|
|
(471
|
)
|
|
—
|
|
|
N/A
|
|
|
|
|
|
Amount of Gain or (Loss) Recognized in Income
|
||||||||||
|
|
Location of Gain or
(Loss) Recognized in
Income
|
|
For the Years Ended December 31,
|
||||||||||
Derivatives not Designated in Hedging Relationships
|
|
2016
|
|
2015
|
|
2014
|
||||||||
Interest rate cap
|
|
Other Expense
|
|
$
|
(1,080
|
)
|
|
$
|
(3,671
|
)
|
|
$
|
(1,347
|
)
|
Foreign exchange contracts
|
|
Other Expense
|
|
1,115
|
|
|
2,403
|
|
|
7,257
|
|
Derivative Type
|
|
Notional
Amount
|
|
Notional
(USD Equivalent)
|
|
Maturity
|
||||
Sells Indian rupee ("INR")/Buys USD Forward
|
|
₨
|
350,000
|
|
|
$
|
5,089
|
|
|
April 2017
|
Derivative Type
|
|
Notional
Amount
|
|
Notional
(USD Equivalent)
|
|
Maturity
|
||||
Sells euro ("EUR")/Buys USD Forward
|
|
€
|
6,300
|
|
|
$
|
7,095
|
|
|
January 2017
|
Sells pound sterling ("GBP")/Buys USD Forward
|
|
£
|
3,400
|
|
|
$
|
4,427
|
|
|
January 2017
|
Derivative Type
|
|
Notional
Amount
|
|
Variable Rate
|
|
Fixed Rate
|
|
Effective Date
|
|
Maturity
|
||
Interest rate swap
|
|
$
|
26,396
|
|
|
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
(3)(4)
|
|
Rate per Annum
|
|
Equivalent to
Fixed Annual
Rate (per share)
|
||||||||
D
|
|
4,000
|
|
|
$
|
0.001
|
|
|
$
|
25.00
|
|
|
8.00
|
%
|
|
$
|
2.00
|
|
E
|
|
5,600
|
|
|
0.001
|
|
|
25.00
|
|
|
7.875
|
%
|
|
1.97
|
|
|||
F
|
|
4,000
|
|
|
0.001
|
|
|
25.00
|
|
|
7.80
|
%
|
|
1.95
|
|
|||
G
|
|
3,200
|
|
|
0.001
|
|
|
25.00
|
|
|
7.65
|
%
|
|
1.91
|
|
|||
I
|
|
5,000
|
|
|
0.001
|
|
|
25.00
|
|
|
7.50
|
%
|
|
1.88
|
|
|||
J (convertible)
|
|
4,000
|
|
|
0.001
|
|
|
50.00
|
|
|
4.50
|
%
|
|
2.25
|
|
|||
|
|
25,800
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a
360
-day year consisting of
twelve
30
-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than
30
nor less than
10
days prior to the dividend payment date.
|
(2)
|
The Company declared and paid dividends of
$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, 2016
and
2015
. The Company declared and paid dividends of
$9.0 million
on its Series J Convertible Perpetual Preferred Stock during the
years
ended
December 31, 2016
and
2015
, respectively. The character of the 2016 dividends are as follows:
47.30%
is a capital gain distribution, of which
76.15%
represents unrecaptured section 1250 gain and
23.85%
long term capital gain, and
52.70%
is ordinary income. All 2015 dividends qualified as a return of capital for tax reporting purposes. There are
no
dividend arrearages on any of the preferred shares currently outstanding.
|
(3)
|
The Company may, at its option, redeem the Series D, E, F, G, and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to
100%
of the liquidation preference of
$25.00
per share, plus accrued and unpaid dividends, if any, to the redemption date.
|
(4)
|
Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into
3.9087
shares of the Company's common stock (equal to an initial conversion price of approximately
$12.79
per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to
100%
of the liquidation preference of
$50.00
per share, plus accrued and unpaid dividends, if any, to the redemption date.
|
|
As of December 31,
|
||||||
|
2016
|
|
2015
|
||||
Unrealized gains (losses) on available-for-sale securities
|
$
|
149
|
|
|
$
|
(125
|
)
|
Unrealized gains (losses) on cash flow hedges
|
27
|
|
|
(690
|
)
|
||
Unrealized losses on cumulative translation adjustment
|
(4,394
|
)
|
|
(4,036
|
)
|
||
Accumulated other comprehensive income (loss)
|
$
|
(4,218
|
)
|
|
$
|
(4,851
|
)
|
•
|
In January 2015, the Company granted an additional
10
points for the 2013-2014 investment pool and
34
iPIP points for the 2015-2016 investment pool.
|
•
|
In January 2016, the Company granted an additional
10
iPIP points in the 2013-2014 investment pool and an additional
40
iPIP points in the 2015-2016 investment pool.
|
•
|
In June 2016, the Company granted an additional
2.5
points in the 2015-2016 investment pool.
|
|
|
Number
of Shares
|
|
Weighted Average
Grant Date
Fair Value
Per Share
|
|
Aggregate
Intrinsic
Value
|
|||||
Non-vested as of December 31, 2015
|
|
426
|
|
|
$
|
12.90
|
|
|
$
|
4,991
|
|
Granted
|
|
223
|
|
|
$
|
10.11
|
|
|
|
||
Vested
|
|
(277
|
)
|
|
$
|
10.91
|
|
|
|
||
Forfeited
|
|
(82
|
)
|
|
$
|
17.49
|
|
|
|
||
Non-vested as of December 31, 2016
|
|
290
|
|
|
$
|
11.33
|
|
|
$
|
3,578
|
|
•
|
20,000
fully-vested shares of the Company's common stock granted on June 15, 2016. Under this award,
12,030
shares were issued as of that date, after deducting shares for minimum required statutory withholdings. In addition,
80,000
service-based Units were granted on June 15, 2016, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will vest in equal annual installments over
four
years on each anniversary of the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Upon vesting of these Units, the holder will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. As of
December 31, 2016
,
80,000
of such service-based Units were outstanding.
|
•
|
122,817
service-based Units granted on January 29, 2016, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in
one
installment on December 31, 2018, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. As of
December 31, 2016
,
109,417
of such service-based Units were outstanding.
|
•
|
39,071
target amount of market-based Units granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The performance is based on the Company's TSR, measured over a performance period ending on December 31, 2017, which is the date the awards cliff vest. Vesting will range from
0%
to
200%
of the target amount of the awards, depending on the Company’s TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award) during the performance period. The Company, as well as any companies not included in each index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's
|
•
|
56,020
service-based Units granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in
one
installment on December 31, 2017, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.
|
•
|
4,751
service-based Units granted on various dates, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units have an original vesting term of
three
years. Upon vesting of these Units, holders will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Income (loss) from continuing operations
|
$
|
(23,384
|
)
|
|
$
|
(115,050
|
)
|
|
$
|
(87,300
|
)
|
Income from sales of real estate
|
105,296
|
|
|
93,816
|
|
|
89,943
|
|
|||
Net (income) loss attributable to noncontrolling interests
|
(4,876
|
)
|
|
3,722
|
|
|
704
|
|
|||
Preferred dividends
|
(51,320
|
)
|
|
(51,320
|
)
|
|
(51,320
|
)
|
|||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share
(1)
|
$
|
25,716
|
|
|
$
|
(68,832
|
)
|
|
$
|
(47,973
|
)
|
Add: Effect of joint venture shares
|
7
|
|
|
—
|
|
|
—
|
|
|||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for diluted earnings per common share
(1)
|
$
|
25,723
|
|
|
$
|
(68,832
|
)
|
|
$
|
(47,973
|
)
|
(1)
|
For the year ended December 31, 2016, includes income from operations allocable to Participating Security Holders of
$8
on a basic and dilutive basis, respectively.
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Earnings allocable to common shares:
|
|
|
|
|
|
||||||
Numerator for basic earnings per share:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
|
$
|
25,708
|
|
|
$
|
(67,449
|
)
|
|
$
|
(46,420
|
)
|
Income from discontinued operations
|
18,264
|
|
|
14,774
|
|
|
12,698
|
|
|||
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
|
$
|
43,972
|
|
|
$
|
(52,675
|
)
|
|
$
|
(33,722
|
)
|
|
|
|
|
|
|
||||||
Numerator for diluted earnings per share:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
|
$
|
25,715
|
|
|
$
|
(67,449
|
)
|
|
$
|
(46,420
|
)
|
Income from discontinued operations
|
18,264
|
|
|
14,774
|
|
|
12,698
|
|
|||
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
|
$
|
43,979
|
|
|
$
|
(52,675
|
)
|
|
$
|
(33,722
|
)
|
|
|
|
|
|
|
||||||
Denominator for basic and diluted earnings per share:
|
|
|
|
|
|
||||||
Weighted average common shares outstanding for basic earnings per common share
|
73,453
|
|
|
84,987
|
|
|
85,031
|
|
|||
Add: Effect of assumed shares issued under treasury stock method or restricted stock units
|
84
|
|
|
—
|
|
|
—
|
|
|||
Add: Effect of joint venture shares
|
298
|
|
|
—
|
|
|
—
|
|
|||
Weighted average common shares outstanding for diluted earnings per common share
|
73,835
|
|
|
84,987
|
|
|
85,031
|
|
|||
|
|
|
|
|
|
||||||
Basic earnings per common share:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
|
$
|
0.35
|
|
|
$
|
(0.79
|
)
|
|
$
|
(0.55
|
)
|
Income from discontinued operations
|
0.25
|
|
|
0.17
|
|
|
0.15
|
|
|||
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
|
$
|
0.60
|
|
|
$
|
(0.62
|
)
|
|
$
|
(0.40
|
)
|
|
|
|
|
|
|
||||||
Diluted earnings per common share:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
|
$
|
0.35
|
|
|
$
|
(0.79
|
)
|
|
$
|
(0.55
|
)
|
Income from discontinued operations
|
0.25
|
|
|
0.17
|
|
|
0.15
|
|
|||
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
|
$
|
0.60
|
|
|
$
|
(0.62
|
)
|
|
$
|
(0.40
|
)
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Earnings allocable to HPUs
(1)
:
|
|
|
|
|
|
||||||
Numerator for basic and diluted earnings per HPU share:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders
|
$
|
—
|
|
|
$
|
(1,383
|
)
|
|
$
|
(1,553
|
)
|
Income from discontinued operations
|
—
|
|
|
303
|
|
|
424
|
|
|||
Net income (loss) attributable to iStar Inc. and allocable to HPU holders
|
$
|
—
|
|
|
$
|
(1,080
|
)
|
|
$
|
(1,129
|
)
|
|
|
|
|
|
|
||||||
Denominator for basic and diluted earnings per HPU share:
|
|
|
|
|
|
||||||
Weighted average HPUs outstanding for basic and diluted earnings per share
|
—
|
|
|
9
|
|
|
15
|
|
|||
|
|
|
|
|
|
||||||
Basic and diluted earnings per HPU share:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders
|
$
|
—
|
|
|
$
|
(153.67
|
)
|
|
$
|
(103.54
|
)
|
Income from discontinued operations
|
—
|
|
|
33.67
|
|
|
28.27
|
|
|||
Net income (loss) attributable to iStar Inc. and allocable to HPU holders
|
$
|
—
|
|
|
$
|
(120.00
|
)
|
|
$
|
(75.27
|
)
|
(1)
|
All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 13).
|
|
For the Years Ended December 31,
|
|||||||
|
2016
(1)
|
|
2015
(1)
|
|
2014
(1)
|
|||
Joint venture shares
|
—
|
|
|
298
|
|
|
298
|
|
3.00% convertible senior unsecured notes
|
14,764
|
|
|
16,992
|
|
|
16,992
|
|
Series J convertible perpetual preferred stock
|
15,635
|
|
|
15,635
|
|
|
15,635
|
|
1.50% convertible senior unsecured notes
|
9,868
|
|
|
11,567
|
|
|
11,567
|
|
(1)
|
For the
years
ended December 31,
2015
and
2014
, the effect of the Company's unvested Units, market-based Units and CSEs were anti-dilutive.
|
(2)
|
For the year ended December 31, 2016, the effect of
16
and
125
unvested time and market-based Units, respectively, 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, 2016
|
|
|
|
|
|
|
|
||||||||
Recurring basis:
|
|
|
|
|
|
|
|
||||||||
Derivative assets
(1)
|
$
|
727
|
|
|
$
|
—
|
|
|
$
|
727
|
|
|
$
|
—
|
|
Derivative liabilities
(1)
|
47
|
|
|
—
|
|
|
47
|
|
|
—
|
|
||||
Available-for-sale securities
(1)
|
21,666
|
|
|
—
|
|
|
—
|
|
|
21,666
|
|
||||
Non-recurring basis:
|
|
|
|
|
|
|
|
||||||||
Impaired loans
(2)
|
7,200
|
|
|
—
|
|
|
—
|
|
|
7,200
|
|
||||
Impaired real estate
(3)
|
3,063
|
|
|
—
|
|
|
—
|
|
|
3,063
|
|
||||
As of December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Recurring basis:
|
|
|
|
|
|
|
|
||||||||
Derivative assets
(1)
|
$
|
1,522
|
|
|
$
|
—
|
|
|
$
|
1,522
|
|
|
$
|
—
|
|
Derivative liabilities
(1)
|
131
|
|
|
—
|
|
|
131
|
|
|
—
|
|
||||
Available-for-sale securities
(1)
|
1,161
|
|
|
—
|
|
|
—
|
|
|
1,161
|
|
||||
Non-recurring basis:
|
|
|
|
|
|
|
|
||||||||
Impaired loans
(4)
|
3,200
|
|
|
—
|
|
|
—
|
|
|
3,200
|
|
(1)
|
The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3.
|
(2)
|
The Company recorded a provision for loan losses on one loan with a fair value of
$5.2 million
using an appraisal based on market comparable sales. In addition, the Company recorded a recovery of loan losses on one loan with a fair value of
$2.0 million
based on proceeds to be received.
|
(3)
|
The Company recorded an impairment on
one
real estate asset with a fair value of
$3.1 million
based on a discount rate of
11%
using discounted cash flows over a
two
year sellout period.
|
(4)
|
The Company recorded a provision for loan losses on
one
loan with a fair value of
$3.2 million
based on a discounted cash flow analysis using a discount rate of
14%
.
|
|
|
2016
|
|
2015
|
||||
Beginning balance
|
|
$
|
1,161
|
|
|
$
|
1,167
|
|
Purchases
|
|
20,240
|
|
|
—
|
|
||
Repayments
|
|
(10
|
)
|
|
(10
|
)
|
||
Unrealized gains recorded in other comprehensive income
|
|
275
|
|
|
4
|
|
||
Ending balance
|
|
$
|
21,666
|
|
|
$
|
1,161
|
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land and Development
|
|
Corporate/Other
(1)
|
|
Company Total
|
||||||||||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating lease income
|
$
|
—
|
|
|
$
|
126,164
|
|
|
$
|
64,593
|
|
|
$
|
423
|
|
|
$
|
—
|
|
|
$
|
191,180
|
|
Interest income
|
129,153
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129,153
|
|
||||||
Other income
|
4,658
|
|
|
1,632
|
|
|
33,216
|
|
|
3,170
|
|
|
3,838
|
|
|
46,514
|
|
||||||
Land development revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
88,340
|
|
|
—
|
|
|
88,340
|
|
||||||
Earnings (loss) from equity method investments
|
—
|
|
|
3,567
|
|
|
33,863
|
|
|
30,012
|
|
|
9,907
|
|
|
77,349
|
|
||||||
Income from discontinued operations
|
—
|
|
|
18,270
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,270
|
|
||||||
Income from sales of real estate
|
—
|
|
|
21,138
|
|
|
75,357
|
|
|
8,801
|
|
|
—
|
|
|
105,296
|
|
||||||
Total revenue and other earnings
|
133,811
|
|
|
170,771
|
|
|
207,029
|
|
|
130,746
|
|
|
13,745
|
|
|
656,102
|
|
||||||
Real estate expense
|
—
|
|
|
(18,158
|
)
|
|
(82,401
|
)
|
|
(36,963
|
)
|
|
—
|
|
|
(137,522
|
)
|
||||||
Land development cost of sales
|
—
|
|
|
—
|
|
|
—
|
|
|
(62,007
|
)
|
|
—
|
|
|
(62,007
|
)
|
||||||
Other expense
|
(2,719
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,164
|
)
|
|
(5,883
|
)
|
||||||
Allocated interest expense
|
(57,787
|
)
|
|
(65,880
|
)
|
|
(23,156
|
)
|
|
(34,888
|
)
|
|
(39,687
|
)
|
|
(221,398
|
)
|
||||||
Allocated general and administrative
(2)
|
(15,311
|
)
|
|
(17,585
|
)
|
|
(6,574
|
)
|
|
(13,693
|
)
|
|
(19,975
|
)
|
|
(73,138
|
)
|
||||||
Segment profit (loss)
(3)
|
$
|
57,994
|
|
|
$
|
69,148
|
|
|
$
|
94,898
|
|
|
$
|
(16,805
|
)
|
|
$
|
(49,081
|
)
|
|
$
|
156,154
|
|
Other significant non-cash items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Recovery of loan losses
|
$
|
(12,514
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(12,514
|
)
|
Impairment of assets
|
—
|
|
|
4,829
|
|
|
5,855
|
|
|
3,800
|
|
|
—
|
|
|
14,484
|
|
||||||
Depreciation and amortization
|
—
|
|
|
31,380
|
|
|
17,887
|
|
|
1,296
|
|
|
1,097
|
|
|
51,660
|
|
||||||
Capitalized expenditures
|
—
|
|
|
3,667
|
|
|
56,784
|
|
|
109,548
|
|
|
—
|
|
|
169,999
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land and Development
|
|
Corporate/Other
(1)
|
|
Company Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating lease income
|
$
|
—
|
|
|
$
|
132,968
|
|
|
$
|
77,454
|
|
|
$
|
785
|
|
|
$
|
—
|
|
|
$
|
211,207
|
|
Interest income
|
134,687
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
134,687
|
|
||||||
Other income
|
9,737
|
|
|
350
|
|
|
34,637
|
|
|
1,219
|
|
|
3,981
|
|
|
49,924
|
|
||||||
Land development revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
100,216
|
|
|
—
|
|
|
100,216
|
|
||||||
Earnings (loss) from equity method investments
|
—
|
|
|
5,221
|
|
|
1,663
|
|
|
16,683
|
|
|
8,586
|
|
|
32,153
|
|
||||||
Income from discontinued operations
|
—
|
|
|
15,077
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,077
|
|
||||||
Income from sales of real estate
|
—
|
|
|
40,082
|
|
|
53,734
|
|
|
—
|
|
|
—
|
|
|
93,816
|
|
||||||
Total revenue and other earnings
|
144,424
|
|
|
193,698
|
|
|
167,488
|
|
|
118,903
|
|
|
12,567
|
|
|
637,080
|
|
||||||
Real estate expense
|
—
|
|
|
(21,614
|
)
|
|
(95,888
|
)
|
|
(29,007
|
)
|
|
—
|
|
|
(146,509
|
)
|
||||||
Land development cost of sales
|
—
|
|
|
—
|
|
|
—
|
|
|
(67,382
|
)
|
|
—
|
|
|
(67,382
|
)
|
||||||
Other expense
|
(2,291
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,083
|
)
|
|
(6,374
|
)
|
||||||
Allocated interest expense
|
(57,109
|
)
|
|
(66,504
|
)
|
|
(28,014
|
)
|
|
(32,087
|
)
|
|
(40,925
|
)
|
|
(224,639
|
)
|
||||||
Allocated general and administrative
(2)
|
(13,128
|
)
|
|
(15,569
|
)
|
|
(6,988
|
)
|
|
(11,488
|
)
|
|
(22,091
|
)
|
|
(69,264
|
)
|
||||||
Segment profit (loss)
(3)
|
$
|
71,896
|
|
|
$
|
90,011
|
|
|
$
|
36,598
|
|
|
$
|
(21,061
|
)
|
|
$
|
(54,532
|
)
|
|
$
|
122,912
|
|
Other significant non-cash items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Provision for loan losses
|
$
|
36,567
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,567
|
|
Impairment of assets
|
—
|
|
|
—
|
|
|
5,935
|
|
|
4,589
|
|
|
—
|
|
|
10,524
|
|
||||||
Depreciation and amortization
|
—
|
|
|
34,936
|
|
|
24,548
|
|
|
1,422
|
|
|
1,139
|
|
|
62,045
|
|
||||||
Capitalized expenditures
|
—
|
|
|
4,195
|
|
|
84,103
|
|
|
94,971
|
|
|
—
|
|
|
183,269
|
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land and Development
|
|
Corporate/Other
(1)
|
|
Company Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating lease income
|
$
|
—
|
|
|
$
|
138,506
|
|
|
$
|
90,331
|
|
|
$
|
835
|
|
|
$
|
—
|
|
|
$
|
229,672
|
|
Interest income
|
122,704
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122,704
|
|
||||||
Other income
|
21,217
|
|
|
987
|
|
|
42,000
|
|
|
3,327
|
|
|
10,052
|
|
|
77,583
|
|
||||||
Land development revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
15,191
|
|
|
—
|
|
|
15,191
|
|
||||||
Earnings (loss) from equity method investments
|
—
|
|
|
3,260
|
|
|
1,669
|
|
|
14,966
|
|
|
75,010
|
|
|
94,905
|
|
||||||
Income from discontinued operations
|
—
|
|
|
13,122
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,122
|
|
||||||
Income from sales of real estate
|
—
|
|
|
6,206
|
|
|
83,737
|
|
|
—
|
|
|
—
|
|
|
89,943
|
|
||||||
Total revenue and other earnings
|
143,921
|
|
|
162,081
|
|
|
217,737
|
|
|
34,319
|
|
|
85,062
|
|
|
643,120
|
|
||||||
Real estate expense
|
—
|
|
|
(22,407
|
)
|
|
(113,504
|
)
|
|
(26,918
|
)
|
|
—
|
|
|
(162,829
|
)
|
||||||
Land development cost of sales
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,840
|
)
|
|
—
|
|
|
(12,840
|
)
|
||||||
Other expense
|
(243
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,097
|
)
|
|
(6,340
|
)
|
||||||
Allocated interest expense
(5)
|
(58,043
|
)
|
|
(72,089
|
)
|
|
(39,535
|
)
|
|
(29,432
|
)
|
|
(25,384
|
)
|
|
(224,483
|
)
|
||||||
Allocated general and administrative
(2)
|
(13,211
|
)
|
|
(16,603
|
)
|
|
(9,608
|
)
|
|
(13,062
|
)
|
|
(22,489
|
)
|
|
(74,973
|
)
|
||||||
Segment profit (loss)
(3)
|
$
|
72,424
|
|
|
$
|
50,982
|
|
|
$
|
55,090
|
|
|
$
|
(47,933
|
)
|
|
$
|
31,092
|
|
|
$
|
161,655
|
|
Other significant non-cash items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Recovery of loan losses
|
$
|
(1,714
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,714
|
)
|
Impairment of assets
(5)
|
—
|
|
|
3,689
|
|
|
8,131
|
|
|
22,814
|
|
|
—
|
|
|
34,634
|
|
||||||
Depreciation and amortization
(5)
|
—
|
|
|
35,645
|
|
|
32,142
|
|
|
1,440
|
|
|
1,148
|
|
|
70,375
|
|
||||||
Capitalized expenditures
|
—
|
|
|
3,933
|
|
|
61,186
|
|
|
80,119
|
|
|
—
|
|
|
145,238
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Finance
|
|
Net Lease
|
|
Operating Properties
|
|
Land and Development
|
|
Corporate/Other
(1)
|
|
Company Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Real estate, net
|
$
|
—
|
|
|
$
|
911,112
|
|
|
$
|
476,162
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,387,274
|
|
Real estate available and held for sale
|
—
|
|
|
155,051
|
|
|
82,480
|
|
|
—
|
|
|
—
|
|
|
237,531
|
|
||||||
Total real estate
|
—
|
|
|
1,066,163
|
|
|
558,642
|
|
|
—
|
|
|
—
|
|
|
1,624,805
|
|
||||||
Land and development, net
|
—
|
|
|
—
|
|
|
—
|
|
|
945,565
|
|
|
—
|
|
|
945,565
|
|
||||||
Loans receivable and other lending investments, net
|
1,450,439
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,450,439
|
|
||||||
Other investments
|
—
|
|
|
92,669
|
|
|
3,583
|
|
|
84,804
|
|
|
33,350
|
|
|
214,406
|
|
||||||
Total portfolio assets
|
$
|
1,450,439
|
|
|
$
|
1,158,832
|
|
|
$
|
562,225
|
|
|
$
|
1,030,369
|
|
|
$
|
33,350
|
|
|
4,235,215
|
|
|
Cash and other assets
|
|
|
|
|
|
|
|
|
|
|
590,299
|
|
|||||||||||
Total assets
|
|
|
|
|
|
|
|
|
|
|
$
|
4,825,514
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Real estate, net
|
$
|
—
|
|
|
$
|
1,009,271
|
|
|
$
|
481,504
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,490,775
|
|
Real estate available and held for sale
|
—
|
|
|
148,841
|
|
|
137,274
|
|
|
—
|
|
|
—
|
|
|
286,115
|
|
||||||
Total real estate
|
—
|
|
|
1,158,112
|
|
|
618,778
|
|
|
—
|
|
|
—
|
|
|
1,776,890
|
|
||||||
Land and development, net
|
—
|
|
|
—
|
|
|
—
|
|
|
1,001,963
|
|
|
—
|
|
|
1,001,963
|
|
||||||
Loans receivable and other lending investments, net
|
1,601,985
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,601,985
|
|
||||||
Other investments
|
—
|
|
|
69,096
|
|
|
11,124
|
|
|
100,419
|
|
|
73,533
|
|
|
254,172
|
|
||||||
Total portfolio assets
|
$
|
1,601,985
|
|
|
$
|
1,227,208
|
|
|
$
|
629,902
|
|
|
$
|
1,102,382
|
|
|
$
|
73,533
|
|
|
4,635,010
|
|
|
Cash and other assets
|
|
|
|
|
|
|
|
|
|
|
962,782
|
|
|||||||||||
Total assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,597,792
|
|
(1)
|
Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above.
|
(2)
|
General and administrative excludes stock-based compensation expense of
$10.9 million
,
$12.0 million
and
$13.3 million
for the
years
ended
December 31, 2016
,
2015
and
2014
, respectively.
|
(3)
|
The following is a reconciliation of segment profit to net income (loss) ($ in thousands):
|
|
For the Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Segment profit
|
$
|
156,154
|
|
|
$
|
122,912
|
|
|
$
|
161,655
|
|
Less: Recovery of (provision for) loan losses
|
12,514
|
|
|
(36,567
|
)
|
|
1,714
|
|
|||
Less: Impairment of assets
|
(14,484
|
)
|
|
(10,524
|
)
|
|
(34,634
|
)
|
|||
Less: Depreciation and amortization
|
(51,660
|
)
|
|
(62,045
|
)
|
|
(70,375
|
)
|
|||
Less: Stock-based compensation expense
|
(10,889
|
)
|
|
(12,013
|
)
|
|
(13,314
|
)
|
|||
Less: Income tax benefit (expense)
|
10,166
|
|
|
(7,639
|
)
|
|
(3,912
|
)
|
|||
Less: Loss on early extinguishment of debt, net
|
(1,619
|
)
|
|
(281
|
)
|
|
(25,369
|
)
|
|||
Net income (loss)
|
$
|
100,182
|
|
|
$
|
(6,157
|
)
|
|
$
|
15,765
|
|
|
|
For the Quarters Ended
|
||||||||||||||
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||
2016:
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
98,571
|
|
|
$
|
124,054
|
|
|
$
|
122,360
|
|
|
$
|
110,202
|
|
Net income (loss)
|
|
$
|
(8,461
|
)
|
|
$
|
58,155
|
|
|
$
|
59,787
|
|
|
$
|
(9,299
|
)
|
Income from discontinued operations
|
|
$
|
7,336
|
|
|
$
|
3,721
|
|
|
$
|
3,633
|
|
|
$
|
3,580
|
|
Earnings per common share data
(1)
:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to iStar Inc.
|
|
|
|
|
|
|
|
|
||||||||
Basic
(2)
|
|
$
|
(19,252
|
)
|
|
$
|
46,292
|
|
|
$
|
38,112
|
|
|
$
|
(21,187
|
)
|
Diluted
(2)
|
|
$
|
(19,252
|
)
|
|
$
|
51,453
|
|
|
$
|
43,293
|
|
|
$
|
(21,187
|
)
|
Earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(0.27
|
)
|
|
$
|
0.65
|
|
|
$
|
0.52
|
|
|
$
|
(0.27
|
)
|
Diluted
|
|
$
|
(0.27
|
)
|
|
$
|
0.44
|
|
|
$
|
0.37
|
|
|
$
|
(0.27
|
)
|
Weighted average number of common shares
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
71,603
|
|
|
71,210
|
|
|
73,984
|
|
|
77,060
|
|
||||
Diluted
|
|
71,603
|
|
|
115,666
|
|
|
118,510
|
|
|
77,060
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
2015:
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
$
|
164,980
|
|
|
$
|
116,138
|
|
|
$
|
104,946
|
|
|
$
|
109,970
|
|
Net income (loss)
|
|
$
|
19,974
|
|
|
$
|
5,958
|
|
|
$
|
(19,776
|
)
|
|
$
|
(12,313
|
)
|
Income from discontinued operations
|
|
$
|
6,186
|
|
|
$
|
3,483
|
|
|
$
|
3,374
|
|
|
$
|
2,034
|
|
Earnings per common share data
(1)
:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to iStar Inc.
|
|
|
|
|
|
|
|
|
||||||||
Basic
(3)
|
|
$
|
7,685
|
|
|
$
|
(6,072
|
)
|
|
$
|
(30,950
|
)
|
|
$
|
(22,553
|
)
|
Diluted
(3)
|
|
$
|
7,684
|
|
|
$
|
(6,072
|
)
|
|
$
|
(30,950
|
)
|
|
$
|
(22,553
|
)
|
Earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.09
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.26
|
)
|
Diluted
|
|
$
|
0.09
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.26
|
)
|
Weighted average number of common shares
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
83,162
|
|
|
85,766
|
|
|
85,541
|
|
|
85,497
|
|
||||
Diluted
|
|
83,581
|
|
|
85,766
|
|
|
85,541
|
|
|
85,497
|
|
||||
Earnings per HPU share data
(1)(4)
:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to iStar Inc.
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
|
$
|
—
|
|
|
$
|
(94
|
)
|
|
$
|
(1,027
|
)
|
|
$
|
(749
|
)
|
Earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
|
$
|
—
|
|
|
$
|
(13.41
|
)
|
|
$
|
(68.47
|
)
|
|
$
|
(49.93
|
)
|
Weighted average number of HPU shares—basic and diluted
|
|
—
|
|
|
7
|
|
|
15
|
|
|
15
|
|
(2)
|
For the quarter ended June 30, 2016 includes net income attributable to iStar Inc. and allocable to Participating Security Holders of
$20
and
$14
on a basic and dilutive basis, respectively.
|
(3)
|
For the quarter ended December 31, 2015 includes net income attributable to iStar Inc. and allocable to Participating Security Holders of
$5
and
$5
on a basic and dilutive basis, respectively.
|
(4)
|
All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 13).
|
|
|
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, 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
|
|
For the Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserve for loan losses
(1)(2)
|
|
$
|
98,490
|
|
|
$
|
36,567
|
|
|
$
|
—
|
|
|
$
|
(26,892
|
)
|
|
$
|
108,165
|
|
Allowance for doubtful accounts
(2)
|
|
3,646
|
|
|
1,359
|
|
|
—
|
|
|
(1,621
|
)
|
|
3,384
|
|
|||||
Allowance for deferred tax assets
(2)
|
|
54,318
|
|
|
(310
|
)
|
|
(98
|
)
|
|
—
|
|
|
53,910
|
|
|||||
|
|
$
|
156,454
|
|
|
$
|
37,616
|
|
|
$
|
(98
|
)
|
|
$
|
(28,513
|
)
|
|
$
|
165,459
|
|
For the Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserve for loan losses
(1)(2)
|
|
$
|
108,165
|
|
|
$
|
(12,514
|
)
|
|
$
|
—
|
|
|
$
|
(10,106
|
)
|
|
$
|
85,545
|
|
Allowance for doubtful accounts
(2)
|
|
3,384
|
|
|
985
|
|
|
—
|
|
|
(1,781
|
)
|
|
2,588
|
|
|||||
Allowance for deferred tax assets
(2)
|
|
53,910
|
|
|
3,233
|
|
|
15,838
|
|
|
(6,483
|
)
|
|
66,498
|
|
|||||
|
|
$
|
165,459
|
|
|
$
|
(8,296
|
)
|
|
$
|
15,838
|
|
|
$
|
(18,370
|
)
|
|
$
|
154,631
|
|
(1)
|
Refer to Note 6 to the Company's consolidated financial statements.
|
(2)
|
Refer to 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
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
OFFICE FACILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Tempe, Arizona
|
OAZ002
|
$
|
—
|
|
|
(1)
|
|
$
|
1,033
|
|
|
$
|
6,652
|
|
|
$
|
2,938
|
|
|
$
|
1,033
|
|
|
$
|
9,590
|
|
|
$
|
10,623
|
|
|
$
|
3,503
|
|
|
1999
|
|
40.0
|
Tempe, Arizona
|
OAZ003
|
—
|
|
|
(1)
|
|
1,033
|
|
|
6,652
|
|
|
287
|
|
|
1,033
|
|
|
6,939
|
|
|
7,972
|
|
|
2,954
|
|
|
1999
|
|
40.0
|
||||||||
Tempe, Arizona
|
OAZ004
|
—
|
|
|
(1)
|
|
1,033
|
|
|
6,652
|
|
|
205
|
|
|
1,033
|
|
|
6,857
|
|
|
7,890
|
|
|
2,941
|
|
|
1999
|
|
40.0
|
||||||||
Tempe, Arizona
|
OAZ005
|
—
|
|
|
|
|
701
|
|
|
4,339
|
|
|
—
|
|
|
701
|
|
|
4,339
|
|
|
5,040
|
|
|
1,862
|
|
|
1999
|
|
40.0
|
||||||||
Englewood, Colorado
|
OCO001
|
—
|
|
|
(1)
|
|
1,757
|
|
|
16,930
|
|
|
6,503
|
|
|
1,757
|
|
|
23,433
|
|
|
25,190
|
|
|
11,070
|
|
|
1999
|
|
40.0
|
||||||||
Ft. Collins, Colorado
|
OCO002
|
2,795
|
|
|
(1)
|
|
—
|
|
|
16,752
|
|
|
48
|
|
|
—
|
|
|
16,800
|
|
|
16,800
|
|
|
6,196
|
|
|
2002
|
|
40.0
|
||||||||
Largo, Maryland
|
OMD001
|
10,124
|
|
|
(1)
|
|
1,800
|
|
|
18,706
|
|
|
743
|
|
|
1,800
|
|
|
19,449
|
|
|
21,249
|
|
|
7,067
|
|
|
2002
|
|
40.0
|
||||||||
Chelmsford, Massachusetts
|
OMA001
|
10,125
|
|
|
(1)
|
|
1,600
|
|
|
21,947
|
|
|
285
|
|
|
1,600
|
|
|
22,232
|
|
|
23,832
|
|
|
8,280
|
|
|
2002
|
|
40.0
|
||||||||
Mt. Laurel, New Jersey
|
ONJ001
|
50,877
|
|
|
|
|
7,726
|
|
|
74,429
|
|
|
10
|
|
|
7,724
|
|
|
74,441
|
|
|
82,165
|
|
|
26,169
|
|
|
2002
|
|
40.0
|
||||||||
Riverview, New Jersey
|
ONJ002
|
9,139
|
|
|
(1)
|
|
1,008
|
|
|
13,763
|
|
|
180
|
|
|
1,008
|
|
|
13,943
|
|
|
14,951
|
|
|
4,424
|
|
|
2004
|
|
40.0
|
||||||||
Riverview, New Jersey
|
ONJ003
|
11,196
|
|
|
|
|
2,456
|
|
|
28,955
|
|
|
774
|
|
|
2,456
|
|
|
29,729
|
|
|
32,185
|
|
|
9,480
|
|
|
2004
|
|
40.0
|
||||||||
Harrisburg, Pennsylvania
|
OPA001
|
—
|
|
|
(1)
|
|
690
|
|
|
26,098
|
|
|
(49
|
)
|
|
690
|
|
|
26,049
|
|
|
26,739
|
|
|
9,958
|
|
|
2001
|
|
40.0
|
||||||||
Irving, Texas
|
OTX001
|
—
|
|
|
(1)
|
|
1,364
|
|
|
10,628
|
|
|
5,780
|
|
|
2,373
|
|
|
15,399
|
|
|
17,772
|
|
|
6,711
|
|
|
1999
|
|
40.0
|
||||||||
Richardson, Texas
|
OTX002
|
—
|
|
|
|
|
1,233
|
|
|
15,160
|
|
|
146
|
|
|
1,233
|
|
|
15,306
|
|
|
16,539
|
|
|
6,248
|
|
|
1999
|
|
40.0
|
||||||||
Richardson, Texas
|
OTX004
|
—
|
|
|
|
|
1,230
|
|
|
5,660
|
|
|
1,046
|
|
|
1,230
|
|
|
6,706
|
|
|
7,936
|
|
|
2,622
|
|
|
1999
|
|
40.0
|
||||||||
Subtotal
|
|
$
|
94,256
|
|
|
|
|
$
|
24,664
|
|
|
$
|
273,323
|
|
|
$
|
18,896
|
|
|
$
|
25,671
|
|
|
$
|
291,212
|
|
|
$
|
316,883
|
|
|
$
|
109,485
|
|
|
|
|
|
INDUSTRIAL FACILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Avondale, Arizona
|
IAZ001
|
—
|
|
|
(1)
|
|
2,519
|
|
|
7,481
|
|
|
1,686
|
|
|
2,519
|
|
|
9,167
|
|
|
11,686
|
|
|
2,128
|
|
|
2009
|
|
40.0
|
||||||||
Avondale, Arizona
|
IAZ002
|
—
|
|
|
(1)
|
|
3,279
|
|
|
5,221
|
|
|
4,576
|
|
|
3,279
|
|
|
9,797
|
|
|
13,076
|
|
|
2,407
|
|
|
2009
|
|
40.0
|
||||||||
Los Angeles, California
|
ICA001
|
17,100
|
|
|
(1)
|
|
11,635
|
|
|
19,515
|
|
|
5,943
|
|
|
11,635
|
|
|
25,458
|
|
|
37,093
|
|
|
5,768
|
|
|
2007
|
|
40.0
|
||||||||
Fremont, California
|
ICA006
|
—
|
|
|
(1)
|
|
1,086
|
|
|
7,964
|
|
|
2,968
|
|
|
1,086
|
|
|
10,932
|
|
|
12,018
|
|
|
5,494
|
|
|
1999
|
|
40.0
|
||||||||
Sunnyvale, California
|
ICA016
|
26,396
|
|
|
|
|
15,708
|
|
|
27,987
|
|
|
8,398
|
|
|
15,708
|
|
|
36,385
|
|
|
52,093
|
|
|
18,532
|
|
|
2004
|
|
40.0
|
||||||||
Golden, Colorado
|
ICO001
|
—
|
|
|
(1)
|
|
832
|
|
|
1,379
|
|
|
—
|
|
|
832
|
|
|
1,379
|
|
|
2,211
|
|
|
358
|
|
|
2006
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition
(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Jacksonville, Florida
|
IFL002
|
14,814
|
|
|
(1)
|
|
3,510
|
|
|
20,846
|
|
|
8,279
|
|
|
3,510
|
|
|
29,125
|
|
|
32,635
|
|
|
6,251
|
|
|
2007
|
|
40.0
|
||||||||
Miami, Florida
|
IFL004
|
—
|
|
|
(1)
|
|
3,048
|
|
|
8,676
|
|
|
—
|
|
|
3,048
|
|
|
8,676
|
|
|
11,724
|
|
|
3,723
|
|
|
1999
|
|
40.0
|
||||||||
Miami, Florida
|
IFL005
|
—
|
|
|
(1)
|
|
1,612
|
|
|
4,586
|
|
|
(1,408
|
)
|
|
1,241
|
|
|
3,549
|
|
|
4,790
|
|
|
998
|
|
|
1999
|
|
40.0
|
||||||||
Atlanta, Georgia
|
IGA001
|
12,894
|
|
|
(1)
|
|
2,791
|
|
|
24,637
|
|
|
349
|
|
|
2,791
|
|
|
24,986
|
|
|
27,777
|
|
|
5,737
|
|
|
2007
|
|
40.0
|
||||||||
Bristol, Indiana
|
IIN001
|
—
|
|
|
(1)
|
|
462
|
|
|
9,224
|
|
|
—
|
|
|
462
|
|
|
9,224
|
|
|
9,686
|
|
|
2,888
|
|
|
2007
|
|
40.0
|
||||||||
Everett, Massachusetts
|
IMA001
|
17,741
|
|
|
(1)
|
|
7,439
|
|
|
21,774
|
|
|
10,979
|
|
|
7,439
|
|
|
32,753
|
|
|
40,192
|
|
|
7,028
|
|
|
2007
|
|
40.0
|
||||||||
Montague, Michigan
|
IMI001
|
—
|
|
|
(1)
|
|
598
|
|
|
9,814
|
|
|
1
|
|
|
598
|
|
|
9,815
|
|
|
10,413
|
|
|
3,105
|
|
|
2007
|
|
40.0
|
||||||||
Bloomington, Minnesota
|
IMN001
|
—
|
|
|
|
|
403
|
|
|
1,147
|
|
|
(344
|
)
|
|
1,206
|
|
|
—
|
|
|
1,206
|
|
|
—
|
|
|
1999
|
|
40.0
|
||||||||
Little Falls, Minnesota
|
IMN002
|
—
|
|
|
(1)
|
|
6,705
|
|
|
17,690
|
|
|
—
|
|
|
6,225
|
|
|
18,170
|
|
|
24,395
|
|
|
5,411
|
|
|
2005
|
|
40.0
|
||||||||
Elizabeth, New Jersey
|
INJ001
|
20,575
|
|
|
(1)
|
|
8,368
|
|
|
15,376
|
|
|
21,141
|
|
|
8,368
|
|
|
36,517
|
|
|
44,885
|
|
|
7,912
|
|
|
2007
|
|
40.0
|
||||||||
El Reno, Oklahoma
|
IOK001
|
5,858
|
|
|
|
|
411
|
|
|
7,037
|
|
|
—
|
|
|
411
|
|
|
7,037
|
|
|
7,448
|
|
|
11
|
|
(3)
|
2016
|
|
40.0
|
||||||||
La Porte, Texas
|
ITX004
|
12,803
|
|
|
(1)
|
|
1,631
|
|
|
27,858
|
|
|
(416
|
)
|
|
1,631
|
|
|
27,442
|
|
|
29,073
|
|
|
6,243
|
|
|
2007
|
|
40.0
|
||||||||
Fort Worth, Texas
|
ITX005
|
13,742
|
|
|
|
|
2,189
|
|
|
15,284
|
|
|
(5
|
)
|
|
2,189
|
|
|
15,279
|
|
|
17,468
|
|
|
134
|
|
(3)
|
2016
|
|
40.0
|
||||||||
Chesapeake, Virginia
|
IVA001
|
13,808
|
|
|
(1)
|
|
2,619
|
|
|
28,481
|
|
|
142
|
|
|
2,619
|
|
|
28,623
|
|
|
31,242
|
|
|
6,570
|
|
|
2007
|
|
40.0
|
||||||||
Subtotal
|
|
$
|
155,731
|
|
|
|
|
$
|
76,845
|
|
|
$
|
281,977
|
|
|
$
|
62,289
|
|
|
$
|
76,797
|
|
|
$
|
344,314
|
|
|
$
|
421,111
|
|
|
$
|
90,698
|
|
|
|
|
|
LAND:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Scottsdale, Arizona
|
LAZ003
|
|
|
|
|
|
1,400
|
|
|
—
|
|
|
—
|
|
|
1,400
|
|
|
—
|
|
|
1,400
|
|
|
—
|
|
|
2011
|
|
0
|
||||||||
Whittmann, Arizona
|
LAZ001
|
—
|
|
|
|
|
96,700
|
|
|
—
|
|
|
—
|
|
|
96,700
|
|
|
—
|
|
|
96,700
|
|
|
—
|
|
|
2010
|
|
0
|
||||||||
Mammoth Lakes, California
|
LCA002
|
—
|
|
|
(1)
|
|
28,464
|
|
|
2,836
|
|
|
(11,000
|
)
|
|
17,464
|
|
|
2,836
|
|
|
20,300
|
|
|
2,836
|
|
|
2010
|
|
0
|
||||||||
Mammoth, California
|
LCA007
|
|
|
|
|
|
2,382
|
|
|
—
|
|
|
—
|
|
|
2,382
|
|
|
—
|
|
|
2,382
|
|
|
—
|
|
|
2007
|
|
0
|
||||||||
Riverside, California
|
LCA003
|
—
|
|
|
|
|
87,300
|
|
|
—
|
|
|
(2,649
|
)
|
|
84,651
|
|
|
—
|
|
|
84,651
|
|
|
—
|
|
|
2009
|
|
0
|
||||||||
San Jose, California
|
LCA004
|
—
|
|
|
|
|
68,155
|
|
|
—
|
|
|
(22,099
|
)
|
|
46,056
|
|
|
—
|
|
|
46,056
|
|
|
—
|
|
|
2000
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition
(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
San Pedro, California
|
LCA005
|
—
|
|
|
|
|
84,100
|
|
|
—
|
|
|
29,314
|
|
|
113,414
|
|
|
—
|
|
|
113,414
|
|
|
—
|
|
|
2010
|
|
0
|
||||||||
Santa Clarita Valley, California
|
LCA006
|
—
|
|
|
|
|
59,100
|
|
|
—
|
|
|
—
|
|
|
59,100
|
|
|
—
|
|
|
59,100
|
|
|
—
|
|
|
2010
|
|
0
|
||||||||
Fort Myers, Florida
|
LFA001
|
—
|
|
|
(1)
|
|
7,600
|
|
|
—
|
|
|
—
|
|
|
7,600
|
|
|
—
|
|
|
7,600
|
|
|
—
|
|
|
2009
|
|
0
|
||||||||
Indiantown, Florida
|
LFA002
|
—
|
|
|
|
|
8,100
|
|
|
—
|
|
|
—
|
|
|
8,100
|
|
|
—
|
|
|
8,100
|
|
|
—
|
|
|
2009
|
|
0
|
||||||||
Key West, Florida
|
LFA007
|
|
|
|
|
|
5,883
|
|
|
—
|
|
|
235
|
|
|
5,883
|
|
|
235
|
|
|
6,118
|
|
|
—
|
|
|
2014
|
|
0
|
||||||||
Miami, Florida
|
LFA006
|
—
|
|
|
|
|
9,300
|
|
|
—
|
|
|
(220
|
)
|
|
9,080
|
|
|
—
|
|
|
9,080
|
|
|
—
|
|
|
2012
|
|
0
|
||||||||
Naples, Florida
|
LFA003
|
—
|
|
|
|
|
26,600
|
|
|
—
|
|
|
42,503
|
|
|
26,600
|
|
|
42,503
|
|
|
69,103
|
|
|
—
|
|
|
2010
|
|
0
|
||||||||
St. Lucie, Florida
|
LFA004
|
|
|
|
|
|
10,440
|
|
|
—
|
|
|
—
|
|
|
10,440
|
|
|
—
|
|
|
10,440
|
|
|
—
|
|
|
2013
|
|
0
|
||||||||
Stuart, Florida
|
LFA005
|
—
|
|
|
|
|
9,300
|
|
|
—
|
|
|
—
|
|
|
9,300
|
|
|
—
|
|
|
9,300
|
|
|
—
|
|
|
2010
|
|
0
|
||||||||
Savannah, Georgia
|
LGA001
|
|
|
|
|
|
3,800
|
|
|
—
|
|
|
(3,800
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2013
|
|
0
|
||||||||
Savannah, Georgia
|
LGA002
|
|
|
|
|
|
1,400
|
|
|
—
|
|
|
—
|
|
|
1,400
|
|
|
—
|
|
|
1,400
|
|
|
—
|
|
|
2013
|
|
0
|
||||||||
Cumming, Georgia
|
LGA003
|
|
|
|
|
|
3,915
|
|
|
—
|
|
|
—
|
|
|
3,915
|
|
|
—
|
|
|
3,915
|
|
|
—
|
|
|
2016
|
|
0
|
||||||||
Chicago, Illinois
|
LIL001
|
|
|
|
|
|
31,500
|
|
|
—
|
|
|
—
|
|
|
31,500
|
|
|
—
|
|
|
31,500
|
|
|
—
|
|
|
2016
|
|
0
|
||||||||
Clinton, Maryland
|
LMD001
|
—
|
|
|
|
|
102,938
|
|
|
—
|
|
|
—
|
|
|
102,938
|
|
|
—
|
|
|
102,938
|
|
|
—
|
|
|
2009
|
|
0
|
||||||||
Lanham, Maryland
|
LMD002
|
—
|
|
|
|
|
2,486
|
|
|
—
|
|
|
—
|
|
|
2,486
|
|
|
—
|
|
|
2,486
|
|
|
—
|
|
|
1999
|
|
0
|
||||||||
Detroit, Michigan
|
LMI001
|
—
|
|
|
|
|
5,374
|
|
|
—
|
|
|
—
|
|
|
5,374
|
|
|
—
|
|
|
5,374
|
|
|
—
|
|
|
2007
|
|
0
|
||||||||
Asbury Park, New Jersey
|
LNJ001
|
—
|
|
|
|
|
43,300
|
|
|
—
|
|
|
61,178
|
|
|
104,478
|
|
|
—
|
|
|
104,478
|
|
|
528
|
|
(3)
|
2009
|
|
0
|
||||||||
Brooklyn, New York
|
LNY002
|
—
|
|
|
|
|
58,900
|
|
|
—
|
|
|
(13,460
|
)
|
|
45,440
|
|
|
—
|
|
|
45,440
|
|
|
—
|
|
|
2011
|
|
0
|
||||||||
Brooklyn, New York
|
LNY003
|
—
|
|
|
|
|
3,277
|
|
|
—
|
|
|
25,491
|
|
|
3,277
|
|
|
25,491
|
|
|
28,768
|
|
|
—
|
|
|
2013
|
|
0
|
||||||||
Long Beach, New York
|
LNY001
|
—
|
|
|
|
|
52,461
|
|
|
—
|
|
|
2,525
|
|
|
52,461
|
|
|
2,525
|
|
|
54,986
|
|
|
—
|
|
|
2009
|
|
0
|
||||||||
Bend, Oregon
|
LOR002
|
—
|
|
|
|
|
20,326
|
|
|
—
|
|
|
(14,922
|
)
|
|
5,404
|
|
|
—
|
|
|
5,404
|
|
|
—
|
|
|
2012
|
|
0
|
||||||||
Warrington, Pennsylvania
|
LPA001
|
|
|
|
|
|
1,460
|
|
|
—
|
|
|
485
|
|
|
1,460
|
|
|
485
|
|
|
1,945
|
|
|
—
|
|
|
2011
|
|
0
|
||||||||
Dallas, Texas
|
LTX001
|
—
|
|
|
|
|
3,375
|
|
|
—
|
|
|
—
|
|
|
3,375
|
|
|
—
|
|
|
3,375
|
|
|
—
|
|
|
2005
|
|
0
|
||||||||
Dallas, Texas
|
LTX002
|
—
|
|
|
|
|
3,621
|
|
|
—
|
|
|
—
|
|
|
3,621
|
|
|
|
|
|
3,621
|
|
|
—
|
|
|
2005
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition
(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Chesterfield County, Virginia
|
LVA001
|
—
|
|
|
|
|
72,138
|
|
|
—
|
|
|
32,877
|
|
|
105,015
|
|
|
—
|
|
|
105,015
|
|
|
2,735
|
|
(3)
|
2009
|
|
0
|
||||||||
Ranson, West Virginia
|
LWV001
|
—
|
|
|
|
|
9,083
|
|
|
—
|
|
|
—
|
|
|
9,083
|
|
|
—
|
|
|
9,083
|
|
|
—
|
|
|
2016
|
|
0
|
||||||||
Subtotal
|
|
$
|
—
|
|
|
|
|
$
|
924,178
|
|
|
$
|
2,836
|
|
|
$
|
126,458
|
|
|
$
|
979,397
|
|
|
$
|
74,075
|
|
|
$
|
1,053,472
|
|
|
$
|
6,099
|
|
|
|
|
|
ENTERTAINMENT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Decatur, Alabama
|
EAL001
|
—
|
|
|
|
|
277
|
|
|
359
|
|
|
(2
|
)
|
|
277
|
|
|
357
|
|
|
634
|
|
|
115
|
|
|
2004
|
|
40.0
|
||||||||
Huntsville, Alabama
|
EAL002
|
—
|
|
|
|
|
319
|
|
|
414
|
|
|
—
|
|
|
319
|
|
|
414
|
|
|
733
|
|
|
132
|
|
|
2004
|
|
40.0
|
||||||||
Chandler, Arizona
|
EAZ001
|
—
|
|
|
|
|
793
|
|
|
1,027
|
|
|
—
|
|
|
793
|
|
|
1,027
|
|
|
1,820
|
|
|
328
|
|
|
2004
|
|
40.0
|
||||||||
Chandler, Arizona
|
EAZ002
|
—
|
|
|
|
|
521
|
|
|
673
|
|
|
(3
|
)
|
|
521
|
|
|
670
|
|
|
1,191
|
|
|
216
|
|
|
2004
|
|
40.0
|
||||||||
Mesa, Arizona
|
EAZ004
|
—
|
|
|
|
|
630
|
|
|
815
|
|
|
—
|
|
|
630
|
|
|
815
|
|
|
1,445
|
|
|
261
|
|
|
2004
|
|
40.0
|
||||||||
Peoria, Arizona
|
EAZ005
|
—
|
|
|
|
|
590
|
|
|
764
|
|
|
—
|
|
|
590
|
|
|
764
|
|
|
1,354
|
|
|
244
|
|
|
2004
|
|
40.0
|
||||||||
Phoenix, Arizona
|
EAZ006
|
—
|
|
|
|
|
476
|
|
|
616
|
|
|
(3
|
)
|
|
476
|
|
|
613
|
|
|
1,089
|
|
|
197
|
|
|
2004
|
|
40.0
|
||||||||
Phoenix, Arizona
|
EAZ007
|
—
|
|
|
|
|
654
|
|
|
845
|
|
|
(4
|
)
|
|
654
|
|
|
841
|
|
|
1,495
|
|
|
271
|
|
|
2004
|
|
40.0
|
||||||||
Phoenix, Arizona
|
EAZ008
|
—
|
|
|
|
|
666
|
|
|
862
|
|
|
(5
|
)
|
|
666
|
|
|
857
|
|
|
1,523
|
|
|
276
|
|
|
2004
|
|
40.0
|
||||||||
Tempe, Arizona
|
EAZ009
|
—
|
|
|
|
|
460
|
|
|
596
|
|
|
—
|
|
|
460
|
|
|
596
|
|
|
1,056
|
|
|
190
|
|
|
2004
|
|
40.0
|
||||||||
Alameda, California
|
ECA001
|
—
|
|
|
|
|
1,097
|
|
|
1,421
|
|
|
(1
|
)
|
|
1,097
|
|
|
1,420
|
|
|
2,517
|
|
|
454
|
|
|
2004
|
|
40.0
|
||||||||
Bakersfield, California
|
ECA002
|
—
|
|
|
|
|
434
|
|
|
560
|
|
|
1
|
|
|
434
|
|
|
561
|
|
|
995
|
|
|
179
|
|
|
2004
|
|
40.0
|
||||||||
Bakersfield, California
|
ECA003
|
—
|
|
|
|
|
332
|
|
|
429
|
|
|
—
|
|
|
332
|
|
|
429
|
|
|
761
|
|
|
137
|
|
|
2004
|
|
40.0
|
||||||||
Milpitas, California
|
ECA005
|
—
|
|
|
|
|
676
|
|
|
876
|
|
|
—
|
|
|
676
|
|
|
876
|
|
|
1,552
|
|
|
280
|
|
|
2004
|
|
40.0
|
||||||||
Riverside, California
|
ECA006
|
—
|
|
|
|
|
720
|
|
|
932
|
|
|
—
|
|
|
720
|
|
|
932
|
|
|
1,652
|
|
|
298
|
|
|
2004
|
|
40.0
|
||||||||
Rocklin, California
|
ECA007
|
—
|
|
|
|
|
574
|
|
|
743
|
|
|
(4
|
)
|
|
574
|
|
|
739
|
|
|
1,313
|
|
|
238
|
|
|
2004
|
|
40.0
|
||||||||
Sacramento, California
|
ECA008
|
—
|
|
|
|
|
392
|
|
|
508
|
|
|
(3
|
)
|
|
392
|
|
|
505
|
|
|
897
|
|
|
163
|
|
|
2004
|
|
40.0
|
||||||||
San Bernardino, California
|
ECA009
|
—
|
|
|
|
|
358
|
|
|
464
|
|
|
(2
|
)
|
|
358
|
|
|
462
|
|
|
820
|
|
|
149
|
|
|
2004
|
|
40.0
|
||||||||
San Diego, California
|
ECA010
|
—
|
|
|
(1)
|
|
—
|
|
|
18,000
|
|
|
—
|
|
|
—
|
|
|
18,000
|
|
|
18,000
|
|
|
5,608
|
|
|
2003
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition
(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
San Marcos, California
|
ECA011
|
—
|
|
|
|
|
852
|
|
|
1,101
|
|
|
(5
|
)
|
|
852
|
|
|
1,096
|
|
|
1,948
|
|
|
353
|
|
|
2004
|
|
40.0
|
||||||||
Thousand Oaks, California
|
ECA013
|
—
|
|
|
(1)
|
|
—
|
|
|
1,953
|
|
|
25,772
|
|
|
—
|
|
|
27,725
|
|
|
27,725
|
|
|
5,428
|
|
|
2008
|
|
40.0
|
||||||||
Torrance, California
|
ECA014
|
—
|
|
|
|
|
659
|
|
|
852
|
|
|
(4
|
)
|
|
659
|
|
|
848
|
|
|
1,507
|
|
|
273
|
|
|
2004
|
|
40.0
|
||||||||
Visalia, California
|
ECA015
|
—
|
|
|
|
|
562
|
|
|
729
|
|
|
(1
|
)
|
|
562
|
|
|
728
|
|
|
1,290
|
|
|
233
|
|
|
2004
|
|
40.0
|
||||||||
W. Los Angeles, California
|
ECA004
|
—
|
|
|
|
|
1,642
|
|
|
2,124
|
|
|
(11
|
)
|
|
1,642
|
|
|
2,113
|
|
|
3,755
|
|
|
680
|
|
|
2004
|
|
40.0
|
||||||||
Aurora, Colorado
|
ECO002
|
—
|
|
|
|
|
640
|
|
|
827
|
|
|
—
|
|
|
640
|
|
|
827
|
|
|
1,467
|
|
|
265
|
|
|
2004
|
|
40.0
|
||||||||
Denver, Colorado
|
ECO003
|
—
|
|
|
|
|
729
|
|
|
944
|
|
|
(1
|
)
|
|
729
|
|
|
943
|
|
|
1,672
|
|
|
302
|
|
|
2004
|
|
40.0
|
||||||||
Englewood, Colorado
|
ECO004
|
—
|
|
|
|
|
536
|
|
|
694
|
|
|
(3
|
)
|
|
536
|
|
|
691
|
|
|
1,227
|
|
|
222
|
|
|
2004
|
|
40.0
|
||||||||
Littleton, Colorado
|
ECO006
|
—
|
|
|
|
|
901
|
|
|
1,165
|
|
|
(6
|
)
|
|
901
|
|
|
1,159
|
|
|
2,060
|
|
|
373
|
|
|
2004
|
|
40.0
|
||||||||
Milford, Connecticut
|
ECT001
|
—
|
|
|
|
|
1,097
|
|
|
1,420
|
|
|
(7
|
)
|
|
1,097
|
|
|
1,413
|
|
|
2,510
|
|
|
455
|
|
|
2004
|
|
40.0
|
||||||||
Wilmington, Delaware
|
EDE001
|
—
|
|
|
|
|
1,076
|
|
|
1,390
|
|
|
3
|
|
|
1,076
|
|
|
1,393
|
|
|
2,469
|
|
|
445
|
|
|
2004
|
|
40.0
|
||||||||
Boca Raton, Florida
|
EFL001
|
—
|
|
|
(1)
|
|
—
|
|
|
41,809
|
|
|
—
|
|
|
—
|
|
|
41,809
|
|
|
41,809
|
|
|
18,286
|
|
|
2005
|
|
27.0
|
||||||||
Boynton Beach, Florida
|
EFL002
|
—
|
|
|
|
|
412
|
|
|
531
|
|
|
(2
|
)
|
|
412
|
|
|
529
|
|
|
941
|
|
|
171
|
|
|
2004
|
|
40.0
|
||||||||
Boynton Beach, Florida
|
EFL003
|
—
|
|
|
(1)
|
|
6,550
|
|
|
—
|
|
|
17,118
|
|
|
6,533
|
|
|
17,135
|
|
|
23,668
|
|
|
4,138
|
|
|
2006
|
|
40.0
|
||||||||
Bradenton, Florida
|
EFL004
|
—
|
|
|
|
|
1,067
|
|
|
1,382
|
|
|
—
|
|
|
1,067
|
|
|
1,382
|
|
|
2,449
|
|
|
442
|
|
|
2004
|
|
40.0
|
||||||||
Davie, Florida
|
EFL006
|
—
|
|
|
|
|
401
|
|
|
520
|
|
|
—
|
|
|
401
|
|
|
520
|
|
|
921
|
|
|
166
|
|
|
2004
|
|
40.0
|
||||||||
Lakeland, Florida
|
EFL008
|
—
|
|
|
|
|
282
|
|
|
364
|
|
|
(2
|
)
|
|
282
|
|
|
362
|
|
|
644
|
|
|
117
|
|
|
2004
|
|
40.0
|
||||||||
Leesburg, Florida
|
EFL009
|
—
|
|
|
|
|
352
|
|
|
455
|
|
|
(1
|
)
|
|
352
|
|
|
454
|
|
|
806
|
|
|
145
|
|
|
2004
|
|
40.0
|
||||||||
Ocala, Florida
|
EFL011
|
—
|
|
|
|
|
437
|
|
|
567
|
|
|
—
|
|
|
437
|
|
|
567
|
|
|
1,004
|
|
|
181
|
|
|
2004
|
|
40.0
|
||||||||
Ocala, Florida
|
EFL012
|
—
|
|
|
|
|
532
|
|
|
689
|
|
|
(1
|
)
|
|
532
|
|
|
688
|
|
|
1,220
|
|
|
220
|
|
|
2004
|
|
40.0
|
||||||||
Orange City, Florida
|
EFL014
|
—
|
|
|
|
|
486
|
|
|
629
|
|
|
—
|
|
|
486
|
|
|
629
|
|
|
1,115
|
|
|
201
|
|
|
2004
|
|
40.0
|
||||||||
Pembroke Pines, Florida
|
EFL016
|
—
|
|
|
|
|
497
|
|
|
643
|
|
|
(3
|
)
|
|
497
|
|
|
640
|
|
|
1,137
|
|
|
206
|
|
|
2004
|
|
40.0
|
||||||||
Sarasota, Florida
|
EFL018
|
—
|
|
|
|
|
643
|
|
|
833
|
|
|
(5
|
)
|
|
643
|
|
|
828
|
|
|
1,471
|
|
|
267
|
|
|
2004
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition
(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
St. Petersburg, Florida
|
EFL019
|
—
|
|
|
(1)
|
|
4,200
|
|
|
18,272
|
|
|
—
|
|
|
4,200
|
|
|
18,272
|
|
|
22,472
|
|
|
5,411
|
|
|
2005
|
|
40.0
|
||||||||
Tampa, Florida
|
EFL020
|
—
|
|
|
|
|
551
|
|
|
714
|
|
|
(4
|
)
|
|
551
|
|
|
710
|
|
|
1,261
|
|
|
228
|
|
|
2004
|
|
40.0
|
||||||||
Tampa, Florida
|
EFL021
|
—
|
|
|
|
|
364
|
|
|
470
|
|
|
(2
|
)
|
|
364
|
|
|
468
|
|
|
832
|
|
|
151
|
|
|
2004
|
|
40.0
|
||||||||
Venice, Florida
|
EFL022
|
—
|
|
|
|
|
507
|
|
|
656
|
|
|
—
|
|
|
507
|
|
|
656
|
|
|
1,163
|
|
|
210
|
|
|
2004
|
|
40.0
|
||||||||
W. Palm Beach, Florida
|
EFL023
|
—
|
|
|
(1)
|
|
—
|
|
|
19,337
|
|
|
—
|
|
|
—
|
|
|
19,337
|
|
|
19,337
|
|
|
5,726
|
|
|
2005
|
|
40.0
|
||||||||
Atlanta, Georgia
|
EGA001
|
—
|
|
|
|
|
510
|
|
|
660
|
|
|
(4
|
)
|
|
510
|
|
|
656
|
|
|
1,166
|
|
|
211
|
|
|
2004
|
|
40.0
|
||||||||
Augusta, Georgia
|
EGA002
|
—
|
|
|
|
|
286
|
|
|
371
|
|
|
—
|
|
|
286
|
|
|
371
|
|
|
657
|
|
|
119
|
|
|
2004
|
|
40.0
|
||||||||
Conyers, Georgia
|
EGA003
|
—
|
|
|
|
|
474
|
|
|
613
|
|
|
(1
|
)
|
|
474
|
|
|
612
|
|
|
1,086
|
|
|
196
|
|
|
2004
|
|
40.0
|
||||||||
Marietta, Georgia
|
EGA004
|
—
|
|
|
|
|
581
|
|
|
752
|
|
|
(1
|
)
|
|
581
|
|
|
751
|
|
|
1,332
|
|
|
240
|
|
|
2004
|
|
40.0
|
||||||||
Savannah, Georgia
|
EGA005
|
—
|
|
|
|
|
718
|
|
|
930
|
|
|
(5
|
)
|
|
718
|
|
|
925
|
|
|
1,643
|
|
|
298
|
|
|
2004
|
|
40.0
|
||||||||
Woodstock, Georgia
|
EGA007
|
—
|
|
|
|
|
502
|
|
|
651
|
|
|
(4
|
)
|
|
502
|
|
|
647
|
|
|
1,149
|
|
|
208
|
|
|
2004
|
|
40.0
|
||||||||
Bloomington, Illinois
|
EIL001
|
—
|
|
|
|
|
335
|
|
|
434
|
|
|
—
|
|
|
335
|
|
|
434
|
|
|
769
|
|
|
139
|
|
|
2004
|
|
40.0
|
||||||||
Bolingbrook, Illinois
|
EIL002
|
—
|
|
|
|
|
481
|
|
|
622
|
|
|
—
|
|
|
481
|
|
|
622
|
|
|
1,103
|
|
|
199
|
|
|
2004
|
|
40.0
|
||||||||
Chicago, Illinois
|
EIL003
|
—
|
|
|
(1)
|
|
8,803
|
|
|
57
|
|
|
30,479
|
|
|
8,803
|
|
|
30,536
|
|
|
39,339
|
|
|
7,111
|
|
|
2006
|
|
40.0
|
||||||||
Lyons, Illinois
|
EIL004
|
—
|
|
|
|
|
433
|
|
|
560
|
|
|
(3
|
)
|
|
433
|
|
|
557
|
|
|
990
|
|
|
179
|
|
|
2004
|
|
40.0
|
||||||||
Springfield, Illinois
|
EIL005
|
—
|
|
|
|
|
431
|
|
|
557
|
|
|
(3
|
)
|
|
431
|
|
|
554
|
|
|
985
|
|
|
178
|
|
|
2004
|
|
40.0
|
||||||||
Evansville, Indiana
|
EIN001
|
—
|
|
|
|
|
542
|
|
|
701
|
|
|
(4
|
)
|
|
542
|
|
|
697
|
|
|
1,239
|
|
|
225
|
|
|
2004
|
|
40.0
|
||||||||
Louisville, Kentucky
|
EKY001
|
—
|
|
|
|
|
417
|
|
|
539
|
|
|
—
|
|
|
417
|
|
|
539
|
|
|
956
|
|
|
172
|
|
|
2004
|
|
40.0
|
||||||||
Louisville, Kentucky
|
EKY002
|
—
|
|
|
|
|
365
|
|
|
473
|
|
|
(2
|
)
|
|
365
|
|
|
471
|
|
|
836
|
|
|
151
|
|
|
2004
|
|
40.0
|
||||||||
Baltimore, Maryland
|
EMD001
|
—
|
|
|
|
|
428
|
|
|
554
|
|
|
(1
|
)
|
|
428
|
|
|
553
|
|
|
981
|
|
|
177
|
|
|
2004
|
|
40.0
|
||||||||
Baltimore, Maryland
|
EMD002
|
—
|
|
|
|
|
575
|
|
|
745
|
|
|
(1
|
)
|
|
575
|
|
|
744
|
|
|
1,319
|
|
|
238
|
|
|
2004
|
|
40.0
|
||||||||
Baltimore, Maryland
|
EMD003
|
—
|
|
|
|
|
362
|
|
|
468
|
|
|
(2
|
)
|
|
362
|
|
|
466
|
|
|
828
|
|
|
150
|
|
|
2004
|
|
40.0
|
||||||||
Gaithersburg, Maryland
|
EMD004
|
—
|
|
|
|
|
884
|
|
|
1,145
|
|
|
(6
|
)
|
|
884
|
|
|
1,139
|
|
|
2,023
|
|
|
367
|
|
|
2004
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition
(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Hyattsville, Maryland
|
EMD006
|
—
|
|
|
|
|
399
|
|
|
518
|
|
|
(3
|
)
|
|
399
|
|
|
515
|
|
|
914
|
|
|
166
|
|
|
2004
|
|
40.0
|
||||||||
Laurel, Maryland
|
EMD007
|
—
|
|
|
|
|
649
|
|
|
839
|
|
|
(5
|
)
|
|
649
|
|
|
834
|
|
|
1,483
|
|
|
269
|
|
|
2004
|
|
40.0
|
||||||||
Linthicum, Maryland
|
EMD008
|
—
|
|
|
|
|
366
|
|
|
473
|
|
|
(2
|
)
|
|
366
|
|
|
471
|
|
|
837
|
|
|
152
|
|
|
2004
|
|
40.0
|
||||||||
Pikesville, Maryland
|
EMD009
|
—
|
|
|
|
|
398
|
|
|
516
|
|
|
(3
|
)
|
|
398
|
|
|
513
|
|
|
911
|
|
|
165
|
|
|
2004
|
|
40.0
|
||||||||
Timonium, Maryland
|
EMD011
|
—
|
|
|
|
|
1,126
|
|
|
1,458
|
|
|
(1
|
)
|
|
1,126
|
|
|
1,457
|
|
|
2,583
|
|
|
466
|
|
|
2004
|
|
40.0
|
||||||||
Auburn, Massachusetts
|
EMA001
|
—
|
|
|
|
|
523
|
|
|
678
|
|
|
(4
|
)
|
|
523
|
|
|
674
|
|
|
1,197
|
|
|
217
|
|
|
2004
|
|
40.0
|
||||||||
Chicopee, Massachusetts
|
EMA002
|
—
|
|
|
|
|
548
|
|
|
711
|
|
|
(1
|
)
|
|
548
|
|
|
710
|
|
|
1,258
|
|
|
227
|
|
|
2004
|
|
40.0
|
||||||||
Somerset, Massachusetts
|
EMA003
|
—
|
|
|
|
|
519
|
|
|
672
|
|
|
(4
|
)
|
|
519
|
|
|
668
|
|
|
1,187
|
|
|
215
|
|
|
2004
|
|
40.0
|
||||||||
Taunton, Massachusetts
|
EMA004
|
—
|
|
|
|
|
344
|
|
|
445
|
|
|
(1
|
)
|
|
344
|
|
|
444
|
|
|
788
|
|
|
142
|
|
|
2004
|
|
40.0
|
||||||||
Flint, Michigan
|
EMI002
|
—
|
|
|
|
|
516
|
|
|
667
|
|
|
(3
|
)
|
|
516
|
|
|
664
|
|
|
1,180
|
|
|
214
|
|
|
2004
|
|
40.0
|
||||||||
Grand Rapids, Michigan
|
EMI003
|
—
|
|
|
|
|
554
|
|
|
718
|
|
|
—
|
|
|
554
|
|
|
718
|
|
|
1,272
|
|
|
229
|
|
|
2004
|
|
40.0
|
||||||||
Jackson, Michigan
|
EMI004
|
—
|
|
|
|
|
387
|
|
|
500
|
|
|
(2
|
)
|
|
387
|
|
|
498
|
|
|
885
|
|
|
160
|
|
|
2004
|
|
40.0
|
||||||||
Roseville, Michigan
|
EMI005
|
—
|
|
|
|
|
533
|
|
|
691
|
|
|
(4
|
)
|
|
533
|
|
|
687
|
|
|
1,220
|
|
|
221
|
|
|
2004
|
|
40.0
|
||||||||
Minneapolis, Minnesota
|
EMN001
|
—
|
|
|
|
|
666
|
|
|
861
|
|
|
(5
|
)
|
|
666
|
|
|
856
|
|
|
1,522
|
|
|
276
|
|
|
2004
|
|
40.0
|
||||||||
Burnsville, Minnesota
|
EMN002
|
—
|
|
|
(1)
|
|
2,962
|
|
|
—
|
|
|
17,164
|
|
|
2,962
|
|
|
17,164
|
|
|
20,126
|
|
|
4,422
|
|
|
2006
|
|
40.0
|
||||||||
Rochester, Minnesota
|
EMN004
|
—
|
|
|
(1)
|
|
2,437
|
|
|
8,715
|
|
|
2,098
|
|
|
2,437
|
|
|
10,813
|
|
|
13,250
|
|
|
3,149
|
|
|
2006
|
|
40.0
|
||||||||
Columbia, Missouri
|
EMO001
|
—
|
|
|
|
|
334
|
|
|
432
|
|
|
—
|
|
|
334
|
|
|
432
|
|
|
766
|
|
|
138
|
|
|
2004
|
|
40.0
|
||||||||
N. Kansas City, Missouri
|
EMO004
|
—
|
|
|
|
|
878
|
|
|
1,139
|
|
|
—
|
|
|
878
|
|
|
1,139
|
|
|
2,017
|
|
|
364
|
|
|
2004
|
|
40.0
|
||||||||
Aberdeen, New Jersey
|
ENJ001
|
—
|
|
|
|
|
1,560
|
|
|
2,019
|
|
|
(11
|
)
|
|
1,560
|
|
|
2,008
|
|
|
3,568
|
|
|
647
|
|
|
2004
|
|
40.0
|
||||||||
Wallington, New Jersey
|
ENJ002
|
—
|
|
|
|
|
830
|
|
|
1,075
|
|
|
(1
|
)
|
|
830
|
|
|
1,074
|
|
|
1,904
|
|
|
343
|
|
|
2004
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition
(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Reno, Nevada
|
ENV001
|
—
|
|
|
|
|
440
|
|
|
569
|
|
|
(3
|
)
|
|
440
|
|
|
566
|
|
|
1,006
|
|
|
182
|
|
|
2004
|
|
40.0
|
||||||||
Bay Shore, New York
|
ENY001
|
—
|
|
|
|
|
603
|
|
|
779
|
|
|
(4
|
)
|
|
603
|
|
|
775
|
|
|
1,378
|
|
|
250
|
|
|
2004
|
|
40.0
|
||||||||
Centereach, New York
|
ENY002
|
—
|
|
|
|
|
442
|
|
|
571
|
|
|
—
|
|
|
442
|
|
|
571
|
|
|
1,013
|
|
|
183
|
|
|
2004
|
|
40.0
|
||||||||
Cheektowaga, New York
|
ENY004
|
—
|
|
|
|
|
385
|
|
|
499
|
|
|
(2
|
)
|
|
385
|
|
|
497
|
|
|
882
|
|
|
160
|
|
|
2004
|
|
40.0
|
||||||||
Depew, New York
|
ENY005
|
—
|
|
|
|
|
350
|
|
|
453
|
|
|
(1
|
)
|
|
350
|
|
|
452
|
|
|
802
|
|
|
145
|
|
|
2004
|
|
40.0
|
||||||||
Melville, New York
|
ENY007
|
—
|
|
|
|
|
494
|
|
|
640
|
|
|
—
|
|
|
494
|
|
|
640
|
|
|
1,134
|
|
|
205
|
|
|
2004
|
|
40.0
|
||||||||
Rochester, New York
|
ENY006
|
—
|
|
|
|
|
326
|
|
|
421
|
|
|
—
|
|
|
326
|
|
|
421
|
|
|
747
|
|
|
135
|
|
|
2004
|
|
40.0
|
||||||||
Rochester, New York
|
ENY008
|
—
|
|
|
|
|
320
|
|
|
414
|
|
|
(2
|
)
|
|
320
|
|
|
412
|
|
|
732
|
|
|
133
|
|
|
2004
|
|
40.0
|
||||||||
Rochester, New York
|
ENY009
|
—
|
|
|
|
|
399
|
|
|
516
|
|
|
(2
|
)
|
|
399
|
|
|
514
|
|
|
913
|
|
|
165
|
|
|
2004
|
|
40.0
|
||||||||
Sayville, New York
|
ENY010
|
—
|
|
|
|
|
959
|
|
|
1,240
|
|
|
(7
|
)
|
|
959
|
|
|
1,233
|
|
|
2,192
|
|
|
397
|
|
|
2004
|
|
40.0
|
||||||||
Shirley, New York
|
ENY011
|
—
|
|
|
|
|
587
|
|
|
761
|
|
|
—
|
|
|
587
|
|
|
761
|
|
|
1,348
|
|
|
243
|
|
|
2004
|
|
40.0
|
||||||||
Smithtown, New York
|
ENY012
|
—
|
|
|
|
|
521
|
|
|
675
|
|
|
(4
|
)
|
|
521
|
|
|
671
|
|
|
1,192
|
|
|
216
|
|
|
2004
|
|
40.0
|
||||||||
Syosset, New York
|
ENY013
|
—
|
|
|
|
|
711
|
|
|
920
|
|
|
(1
|
)
|
|
711
|
|
|
919
|
|
|
1,630
|
|
|
294
|
|
|
2004
|
|
40.0
|
||||||||
Syracuse, New York
|
ENY014
|
—
|
|
|
|
|
558
|
|
|
723
|
|
|
(4
|
)
|
|
558
|
|
|
719
|
|
|
1,277
|
|
|
231
|
|
|
2004
|
|
40.0
|
||||||||
Wantagh, New York
|
ENY015
|
—
|
|
|
|
|
747
|
|
|
967
|
|
|
—
|
|
|
747
|
|
|
967
|
|
|
1,714
|
|
|
309
|
|
|
2004
|
|
40.0
|
||||||||
Webster, New York
|
ENY016
|
—
|
|
|
|
|
683
|
|
|
885
|
|
|
(5
|
)
|
|
683
|
|
|
880
|
|
|
1,563
|
|
|
283
|
|
|
2004
|
|
40.0
|
||||||||
West Babylon, New York
|
ENY017
|
—
|
|
|
|
|
1,492
|
|
|
1,933
|
|
|
(2
|
)
|
|
1,492
|
|
|
1,931
|
|
|
3,423
|
|
|
618
|
|
|
2004
|
|
40.0
|
||||||||
White Plains, New York
|
ENY018
|
—
|
|
|
|
|
1,471
|
|
|
1,904
|
|
|
(10
|
)
|
|
1,471
|
|
|
1,894
|
|
|
3,365
|
|
|
610
|
|
|
2004
|
|
40.0
|
||||||||
Asheville, North Carolina
|
ENC001
|
—
|
|
|
|
|
397
|
|
|
513
|
|
|
—
|
|
|
397
|
|
|
513
|
|
|
910
|
|
|
164
|
|
|
2004
|
|
40.0
|
||||||||
Cary, North Carolina
|
ENC002
|
—
|
|
|
|
|
476
|
|
|
615
|
|
|
(3
|
)
|
|
476
|
|
|
612
|
|
|
1,088
|
|
|
197
|
|
|
2004
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition
(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Charlotte, North Carolina
|
ENC003
|
—
|
|
|
|
|
410
|
|
|
530
|
|
|
(3
|
)
|
|
410
|
|
|
527
|
|
|
937
|
|
|
170
|
|
|
2004
|
|
40.0
|
||||||||
Charlotte, North Carolina
|
ENC004
|
—
|
|
|
|
|
402
|
|
|
520
|
|
|
(3
|
)
|
|
402
|
|
|
517
|
|
|
919
|
|
|
167
|
|
|
2004
|
|
40.0
|
||||||||
Durham, North Carolina
|
ENC005
|
—
|
|
|
|
|
948
|
|
|
1,227
|
|
|
(1
|
)
|
|
948
|
|
|
1,226
|
|
|
2,174
|
|
|
392
|
|
|
2004
|
|
40.0
|
||||||||
Goldsboro, North Carolina
|
ENC006
|
—
|
|
|
|
|
259
|
|
|
336
|
|
|
(2
|
)
|
|
259
|
|
|
334
|
|
|
593
|
|
|
107
|
|
|
2004
|
|
40.0
|
||||||||
Greensboro, North Carolina
|
ENC007
|
—
|
|
|
|
|
349
|
|
|
452
|
|
|
(1
|
)
|
|
349
|
|
|
451
|
|
|
800
|
|
|
144
|
|
|
2004
|
|
40.0
|
||||||||
Greenville, North Carolina
|
ENC008
|
—
|
|
|
|
|
640
|
|
|
828
|
|
|
—
|
|
|
640
|
|
|
828
|
|
|
1,468
|
|
|
265
|
|
|
2004
|
|
40.0
|
||||||||
Hickory, North Carolina
|
ENC009
|
—
|
|
|
|
|
409
|
|
|
531
|
|
|
(1
|
)
|
|
409
|
|
|
530
|
|
|
939
|
|
|
169
|
|
|
2004
|
|
40.0
|
||||||||
Matthews, North Carolina
|
ENC010
|
—
|
|
|
|
|
965
|
|
|
1,249
|
|
|
(7
|
)
|
|
965
|
|
|
1,242
|
|
|
2,207
|
|
|
400
|
|
|
2004
|
|
40.0
|
||||||||
Raleigh, North Carolina
|
ENC011
|
—
|
|
|
|
|
475
|
|
|
615
|
|
|
(1
|
)
|
|
475
|
|
|
614
|
|
|
1,089
|
|
|
197
|
|
|
2004
|
|
40.0
|
||||||||
Winston-Salem, North Carolina
|
ENC012
|
—
|
|
|
|
|
494
|
|
|
638
|
|
|
(3
|
)
|
|
494
|
|
|
635
|
|
|
1,129
|
|
|
205
|
|
|
2004
|
|
40.0
|
||||||||
Canton, Ohio
|
EOH001
|
—
|
|
|
|
|
434
|
|
|
562
|
|
|
—
|
|
|
434
|
|
|
562
|
|
|
996
|
|
|
180
|
|
|
2004
|
|
40.0
|
||||||||
Columbus, Ohio
|
EOH002
|
—
|
|
|
|
|
967
|
|
|
1,252
|
|
|
(7
|
)
|
|
967
|
|
|
1,245
|
|
|
2,212
|
|
|
401
|
|
|
2004
|
|
40.0
|
||||||||
Grove City, Ohio
|
EOH003
|
—
|
|
|
|
|
281
|
|
|
365
|
|
|
(2
|
)
|
|
281
|
|
|
363
|
|
|
644
|
|
|
117
|
|
|
2004
|
|
40.0
|
||||||||
Medina, Ohio
|
EOH004
|
—
|
|
|
|
|
393
|
|
|
508
|
|
|
—
|
|
|
393
|
|
|
508
|
|
|
901
|
|
|
163
|
|
|
2004
|
|
40.0
|
||||||||
Edmond, Oklahoma
|
EOK001
|
—
|
|
|
|
|
431
|
|
|
557
|
|
|
(3
|
)
|
|
431
|
|
|
554
|
|
|
985
|
|
|
178
|
|
|
2004
|
|
40.0
|
||||||||
Tulsa, Oklahoma
|
EOK002
|
—
|
|
|
|
|
954
|
|
|
1,235
|
|
|
(1
|
)
|
|
954
|
|
|
1,234
|
|
|
2,188
|
|
|
395
|
|
|
2004
|
|
40.0
|
||||||||
Salem, Oregon
|
EOR002
|
—
|
|
|
|
|
393
|
|
|
508
|
|
|
(3
|
)
|
|
393
|
|
|
505
|
|
|
898
|
|
|
163
|
|
|
2004
|
|
40.0
|
||||||||
Boothwyn, Pennsylvania
|
EPA001
|
—
|
|
|
|
|
407
|
|
|
527
|
|
|
—
|
|
|
407
|
|
|
527
|
|
|
934
|
|
|
168
|
|
|
2004
|
|
40.0
|
||||||||
Croydon, Pennsylvania
|
EPA002
|
—
|
|
|
|
|
421
|
|
|
544
|
|
|
—
|
|
|
421
|
|
|
544
|
|
|
965
|
|
|
174
|
|
|
2004
|
|
40.0
|
||||||||
Pittsburgh, Pennsylvania
|
EPA003
|
—
|
|
|
|
|
409
|
|
|
528
|
|
|
(2
|
)
|
|
409
|
|
|
526
|
|
|
935
|
|
|
169
|
|
|
2004
|
|
40.0
|
||||||||
Pittsburgh, Pennsylvania
|
EPA004
|
—
|
|
|
|
|
407
|
|
|
527
|
|
|
(2
|
)
|
|
407
|
|
|
525
|
|
|
932
|
|
|
169
|
|
|
2004
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition
(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
San Juan, Puerto Rico
|
EPR001
|
—
|
|
|
|
|
950
|
|
|
1,230
|
|
|
(1
|
)
|
|
950
|
|
|
1,229
|
|
|
2,179
|
|
|
393
|
|
|
2004
|
|
40.0
|
||||||||
Cranston, Rhode Island
|
ERI001
|
—
|
|
|
|
|
850
|
|
|
1,100
|
|
|
(5
|
)
|
|
850
|
|
|
1,095
|
|
|
1,945
|
|
|
352
|
|
|
2004
|
|
40.0
|
||||||||
Greenville, South Carolina
|
ESC002
|
—
|
|
|
|
|
332
|
|
|
429
|
|
|
—
|
|
|
332
|
|
|
429
|
|
|
761
|
|
|
137
|
|
|
2004
|
|
40.0
|
||||||||
Addison, Texas
|
ETX001
|
—
|
|
|
|
|
1,045
|
|
|
1,353
|
|
|
(1
|
)
|
|
1,045
|
|
|
1,352
|
|
|
2,397
|
|
|
433
|
|
|
2004
|
|
40.0
|
||||||||
Arlington, Texas
|
ETX002
|
—
|
|
|
|
|
593
|
|
|
767
|
|
|
(4
|
)
|
|
593
|
|
|
763
|
|
|
1,356
|
|
|
246
|
|
|
2004
|
|
40.0
|
||||||||
Conroe, Texas
|
ETX004
|
—
|
|
|
|
|
838
|
|
|
1,083
|
|
|
(5
|
)
|
|
838
|
|
|
1,078
|
|
|
1,916
|
|
|
347
|
|
|
2004
|
|
40.0
|
||||||||
Corpus Christi, Texas
|
ETX005
|
—
|
|
|
|
|
528
|
|
|
682
|
|
|
(3
|
)
|
|
528
|
|
|
679
|
|
|
1,207
|
|
|
219
|
|
|
2004
|
|
40.0
|
||||||||
Desota, Texas
|
ETX006
|
—
|
|
|
|
|
480
|
|
|
622
|
|
|
(3
|
)
|
|
480
|
|
|
619
|
|
|
1,099
|
|
|
199
|
|
|
2004
|
|
40.0
|
||||||||
Euless, Texas
|
ETX007
|
—
|
|
|
|
|
975
|
|
|
1,261
|
|
|
(7
|
)
|
|
975
|
|
|
1,254
|
|
|
2,229
|
|
|
404
|
|
|
2004
|
|
40.0
|
||||||||
Garland, Texas
|
ETX008
|
—
|
|
|
|
|
1,108
|
|
|
1,433
|
|
|
(7
|
)
|
|
1,108
|
|
|
1,426
|
|
|
2,534
|
|
|
459
|
|
|
2004
|
|
40.0
|
||||||||
Houston, Texas
|
ETX009
|
—
|
|
|
|
|
425
|
|
|
549
|
|
|
(58
|
)
|
|
425
|
|
|
491
|
|
|
916
|
|
|
165
|
|
|
2004
|
|
40.0
|
||||||||
Houston, Texas
|
ETX010
|
—
|
|
|
|
|
518
|
|
|
671
|
|
|
—
|
|
|
518
|
|
|
671
|
|
|
1,189
|
|
|
214
|
|
|
2004
|
|
40.0
|
||||||||
Houston, Texas
|
ETX011
|
—
|
|
|
|
|
758
|
|
|
981
|
|
|
—
|
|
|
758
|
|
|
981
|
|
|
1,739
|
|
|
314
|
|
|
2004
|
|
40.0
|
||||||||
Houston, Texas
|
ETX013
|
—
|
|
|
|
|
375
|
|
|
485
|
|
|
(2
|
)
|
|
375
|
|
|
483
|
|
|
858
|
|
|
155
|
|
|
2004
|
|
40.0
|
||||||||
Humble, Texas
|
ETX014
|
—
|
|
|
|
|
438
|
|
|
567
|
|
|
(3
|
)
|
|
438
|
|
|
564
|
|
|
1,002
|
|
|
182
|
|
|
2004
|
|
40.0
|
||||||||
Lewisville, Texas
|
ETX017
|
—
|
|
|
|
|
561
|
|
|
726
|
|
|
—
|
|
|
561
|
|
|
726
|
|
|
1,287
|
|
|
232
|
|
|
2004
|
|
40.0
|
||||||||
Richardson, Texas
|
ETX018
|
—
|
|
|
|
|
753
|
|
|
976
|
|
|
(1
|
)
|
|
753
|
|
|
975
|
|
|
1,728
|
|
|
312
|
|
|
2004
|
|
40.0
|
||||||||
San Antonio, Texas
|
ETX019
|
—
|
|
|
|
|
521
|
|
|
675
|
|
|
—
|
|
|
521
|
|
|
675
|
|
|
1,196
|
|
|
216
|
|
|
2004
|
|
40.0
|
||||||||
Stafford, Texas
|
ETX020
|
—
|
|
|
|
|
634
|
|
|
821
|
|
|
(4
|
)
|
|
634
|
|
|
817
|
|
|
1,451
|
|
|
263
|
|
|
2004
|
|
40.0
|
||||||||
Waco, Texas
|
ETX021
|
—
|
|
|
|
|
379
|
|
|
491
|
|
|
(3
|
)
|
|
379
|
|
|
488
|
|
|
867
|
|
|
157
|
|
|
2004
|
|
40.0
|
||||||||
Webster, Texas
|
ETX022
|
—
|
|
|
|
|
592
|
|
|
766
|
|
|
—
|
|
|
592
|
|
|
766
|
|
|
1,358
|
|
|
245
|
|
|
2004
|
|
40.0
|
||||||||
Centreville, Virginia
|
EVA001
|
—
|
|
|
|
|
1,134
|
|
|
1,467
|
|
|
(1
|
)
|
|
1,134
|
|
|
1,466
|
|
|
2,600
|
|
|
469
|
|
|
2004
|
|
40.0
|
||||||||
Chesapeake, Virginia
|
EVA002
|
—
|
|
|
|
|
845
|
|
|
1,094
|
|
|
(1
|
)
|
|
845
|
|
|
1,093
|
|
|
1,938
|
|
|
350
|
|
|
2004
|
|
40.0
|
||||||||
Chesapeake, Virginia
|
EVA003
|
—
|
|
|
|
|
884
|
|
|
1,145
|
|
|
(6
|
)
|
|
884
|
|
|
1,139
|
|
|
2,023
|
|
|
367
|
|
|
2004
|
|
40.0
|
||||||||
Fredericksburg, Virginia
|
EVA004
|
—
|
|
|
|
|
953
|
|
|
1,233
|
|
|
(7
|
)
|
|
953
|
|
|
1,226
|
|
|
2,179
|
|
|
395
|
|
|
2004
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition
(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Grafton, Virginia
|
EVA005
|
—
|
|
|
|
|
487
|
|
|
632
|
|
|
(1
|
)
|
|
487
|
|
|
631
|
|
|
1,118
|
|
|
202
|
|
|
2004
|
|
40.0
|
||||||||
Lynchburg, Virginia
|
EVA006
|
—
|
|
|
|
|
425
|
|
|
550
|
|
|
(3
|
)
|
|
425
|
|
|
547
|
|
|
972
|
|
|
176
|
|
|
2004
|
|
40.0
|
||||||||
Mechanicsville, Virginia
|
EVA007
|
—
|
|
|
|
|
1,151
|
|
|
1,490
|
|
|
(8
|
)
|
|
1,151
|
|
|
1,482
|
|
|
2,633
|
|
|
477
|
|
|
2004
|
|
40.0
|
||||||||
Norfolk, Virginia
|
EVA008
|
—
|
|
|
|
|
546
|
|
|
707
|
|
|
—
|
|
|
546
|
|
|
707
|
|
|
1,253
|
|
|
226
|
|
|
2004
|
|
40.0
|
||||||||
Petersburg, Virginia
|
EVA009
|
—
|
|
|
|
|
851
|
|
|
1,103
|
|
|
(1
|
)
|
|
851
|
|
|
1,102
|
|
|
1,953
|
|
|
352
|
|
|
2004
|
|
40.0
|
||||||||
Richmond, Virginia
|
EVA010
|
—
|
|
|
|
|
819
|
|
|
1,061
|
|
|
(1
|
)
|
|
819
|
|
|
1,060
|
|
|
1,879
|
|
|
339
|
|
|
2004
|
|
40.0
|
||||||||
Richmond, Virginia
|
EVA011
|
—
|
|
|
|
|
958
|
|
|
1,240
|
|
|
—
|
|
|
958
|
|
|
1,240
|
|
|
2,198
|
|
|
396
|
|
|
2004
|
|
40.0
|
||||||||
Virginia Beach, Virginia
|
EVA012
|
—
|
|
|
|
|
788
|
|
|
1,020
|
|
|
(5
|
)
|
|
788
|
|
|
1,015
|
|
|
1,803
|
|
|
327
|
|
|
2004
|
|
40.0
|
||||||||
Williamsburg, Virginia
|
EVA013
|
—
|
|
|
|
|
554
|
|
|
716
|
|
|
(4
|
)
|
|
554
|
|
|
712
|
|
|
1,266
|
|
|
229
|
|
|
2004
|
|
40.0
|
||||||||
Quincy, Washington
|
EWA001
|
—
|
|
|
(1)
|
|
1,500
|
|
|
6,500
|
|
|
—
|
|
|
1,500
|
|
|
6,500
|
|
|
8,000
|
|
|
2,493
|
|
|
2003
|
|
40.0
|
||||||||
Milwaukee, Wisconsin
|
EWI001
|
—
|
|
|
|
|
521
|
|
|
673
|
|
|
2
|
|
|
521
|
|
|
675
|
|
|
1,196
|
|
|
216
|
|
|
2004
|
|
40.0
|
||||||||
S. Milwaukee, Wisconsin
|
EWI002
|
—
|
|
|
|
|
413
|
|
|
535
|
|
|
—
|
|
|
413
|
|
|
535
|
|
|
948
|
|
|
171
|
|
|
2004
|
|
40.0
|
||||||||
Wauwatosa, Wisconsin
|
EWI004
|
—
|
|
|
|
|
793
|
|
|
1,025
|
|
|
(5
|
)
|
|
793
|
|
|
1,020
|
|
|
1,813
|
|
|
328
|
|
|
2004
|
|
40.0
|
||||||||
West Allis, Wisconsin
|
EWI005
|
—
|
|
|
|
|
1,124
|
|
|
1,455
|
|
|
—
|
|
|
1,124
|
|
|
1,455
|
|
|
2,579
|
|
|
465
|
|
|
2004
|
|
40.0
|
||||||||
Subtotal
|
|
$
|
—
|
|
|
|
|
$
|
121,208
|
|
|
$
|
237,284
|
|
|
$
|
92,223
|
|
|
$
|
121,191
|
|
|
$
|
329,524
|
|
|
$
|
450,715
|
|
|
$
|
101,006
|
|
|
|
|
|
RETAIL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Scottsdale, Arizona
|
RAZ003
|
—
|
|
|
(1)
|
|
2,625
|
|
|
4,875
|
|
|
2,569
|
|
|
2,625
|
|
|
7,444
|
|
|
10,069
|
|
|
1,193
|
|
|
2009
|
|
40.0
|
||||||||
Scottsdale, Arizona
|
RAZ004
|
—
|
|
|
|
|
2,184
|
|
|
4,056
|
|
|
(1,588
|
)
|
|
2,184
|
|
|
2,468
|
|
|
4,652
|
|
|
313
|
|
|
2009
|
|
40.0
|
||||||||
Scottsdale, Arizona
|
RAZ005
|
—
|
|
|
(1)
|
|
2,657
|
|
|
2,666
|
|
|
(250
|
)
|
|
2,657
|
|
|
2,416
|
|
|
5,073
|
|
|
526
|
|
|
2011
|
|
40.0
|
||||||||
Colorado Springs, Colorado
|
RCO001
|
—
|
|
|
(1)
|
|
2,631
|
|
|
279
|
|
|
5,195
|
|
|
2,607
|
|
|
5,498
|
|
|
8,105
|
|
|
1,315
|
|
|
2006
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to
Acquisition
(2)
|
|
Gross Amount Carried
at Close of Period
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Encumbrances
|
|
|
|
Land
|
|
Building and
Improvements
|
|
Land
|
|
Building and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Date
Acquired
|
|
Depreciable
Life
(Years)
|
||||||||||||||||||
Scottsdale, Arizona
|
AAZ002
|
|
|
|
|
|
—
|
|
|
1,788
|
|
|
(632
|
)
|
|
—
|
|
|
1,156
|
|
|
1,156
|
|
|
—
|
|
|
2016
|
|
0.0
|
||||||||
Mammoth, California
|
ACA002
|
—
|
|
|
|
|
10,078
|
|
|
40,312
|
|
|
(48,648
|
)
|
|
348
|
|
|
1,394
|
|
|
1,742
|
|
|
—
|
|
|
2007
|
|
0.0
|
||||||||
Atlanta, Georgia
|
AGA001
|
—
|
|
|
|
|
2,963
|
|
|
11,850
|
|
|
16,457
|
|
|
6,254
|
|
|
25,016
|
|
|
31,270
|
|
|
—
|
|
|
2010
|
|
0.0
|
||||||||
Jersey City, New Jersey
|
ANJ001
|
—
|
|
|
|
|
36,405
|
|
|
64,719
|
|
|
(100,639
|
)
|
|
175
|
|
|
310
|
|
|
485
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
Philadelphia, Pennsylvania
|
APA001
|
—
|
|
|
|
|
44,438
|
|
|
82,527
|
|
|
(123,902
|
)
|
|
1,072
|
|
|
1,991
|
|
|
3,063
|
|
|
—
|
|
|
2012
|
|
0.0
|
||||||||
Philadelphia, Pennsylvania
|
APA002
|
—
|
|
|
|
|
15,890
|
|
|
29,510
|
|
|
(16,120
|
)
|
|
15,890
|
|
|
13,390
|
|
|
29,280
|
|
|
—
|
|
|
2012
|
|
0.0
|
||||||||
Seattle, Washington
|
AWA002
|
—
|
|
|
|
|
2,342
|
|
|
44,478
|
|
|
(32,266
|
)
|
|
2,342
|
|
|
12,212
|
|
|
14,554
|
|
|
—
|
|
|
2009
|
|
0.0
|
||||||||
Milwaukee, Wisconsin
|
OWI001
|
—
|
|
|
|
|
1,875
|
|
|
13,914
|
|
|
(6,147
|
)
|
|
1,875
|
|
|
7,767
|
|
|
9,642
|
|
|
4,941
|
|
|
1999
|
|
40.0
|
||||||||
Subtotal
|
|
$
|
—
|
|
|
|
|
$
|
116,414
|
|
|
$
|
289,098
|
|
|
$
|
(306,771
|
)
|
|
$
|
30,379
|
|
|
$
|
68,362
|
|
|
$
|
98,741
|
|
|
$
|
4,941
|
|
|
|
|
|
MIXED USE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Glendale, Arizona
|
MAZ002
|
—
|
|
|
(1)
|
|
10,182
|
|
|
52,544
|
|
|
33,138
|
|
|
10,182
|
|
|
85,682
|
|
|
95,864
|
|
|
13,148
|
|
|
2011
|
|
40.0
|
||||||||
Riverside, California
|
MCA001
|
—
|
|
|
|
|
5,869
|
|
|
629
|
|
|
2
|
|
|
5,869
|
|
|
631
|
|
|
6,500
|
|
|
388
|
|
|
2010
|
|
40.0
|
||||||||
Key West, Florida
|
MFL002
|
|
|
|
|
|
18,229
|
|
|
20,899
|
|
|
1,831
|
|
|
18,229
|
|
|
22,730
|
|
|
40,959
|
|
|
2,979
|
|
|
2014
|
|
40.0
|
||||||||
Naples, Florida
|
MFL003
|
|
|
|
|
|
2,507
|
|
|
8,155
|
|
|
1,251
|
|
|
2,507
|
|
|
9,406
|
|
|
11,913
|
|
|
1,325
|
|
|
2014
|
|
40.0
|
||||||||
Tampa, Florida
|
MFL004
|
|
|
|
|
|
4,201
|
|
|
14,652
|
|
|
902
|
|
|
4,201
|
|
|
15,554
|
|
|
19,755
|
|
|
1,708
|
|
|
2014
|
|
40.0
|
||||||||
Atlanta, Georgia
|
MGA001
|
—
|
|
|
(1)
|
|
4,480
|
|
|
17,916
|
|
|
(16,564
|
)
|
|
4,480
|
|
|
1,352
|
|
|
5,832
|
|
|
1,120
|
|
|
2010
|
|
40.0
|
||||||||
Subtotal
|
|
$
|
—
|
|
|
|
|
$
|
45,468
|
|
|
$
|
114,795
|
|
|
$
|
20,560
|
|
|
$
|
45,468
|
|
|
$
|
135,355
|
|
|
$
|
180,823
|
|
|
$
|
20,668
|
|
|
|
|
|
Total
(6)
|
|
$
|
249,987
|
|
|
|
|
$
|
1,408,355
|
|
|
$
|
1,506,299
|
|
|
$
|
32,535
|
|
|
$
|
1,362,977
|
|
|
$
|
1,584,212
|
|
|
$
|
2,947,189
|
|
(4)
|
$
|
426,108
|
|
(5)
|
|
|
|
(1)
|
Consists of properties pledged as collateral under the Company's secured
credit facilities
with a carrying value of
$633.0 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
$3.14 billion
at
December 31, 2016
.
|
(5)
|
Includes
$6.5 million
and
$4.8 million
relating to accumulated depreciation for land and development assets and real estate assets held for sale, respectively, as of
December 31, 2016
.
|
(6)
|
Excludes
$49.2 million
of deferred expenses and other assets that were reclassified to "Real estate available and held for sale" as of December 31, 2016.
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Balance at January 1
|
|
$
|
3,200,342
|
|
|
$
|
3,444,676
|
|
|
$
|
3,589,072
|
|
Improvements and additions
|
|
169,999
|
|
|
183,269
|
|
|
145,238
|
|
|||
Acquisitions through foreclosure
|
|
40,583
|
|
|
14,505
|
|
|
77,867
|
|
|||
Other acquisitions
|
|
30,618
|
|
|
—
|
|
|
4,666
|
|
|||
Dispositions
|
|
(484,810
|
)
|
|
(431,928
|
)
|
|
(341,453
|
)
|
|||
Impairments
|
|
(9,543
|
)
|
|
(10,180
|
)
|
|
(30,714
|
)
|
|||
Balance at December 31
|
|
$
|
2,947,189
|
|
|
$
|
3,200,342
|
|
|
$
|
3,444,676
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Balance at January 1
|
|
$
|
(467,122
|
)
|
|
$
|
(481,980
|
)
|
|
$
|
(432,374
|
)
|
Additions
|
|
(48,381
|
)
|
|
(57,049
|
)
|
|
(62,299
|
)
|
|||
Dispositions
|
|
89,395
|
|
|
71,907
|
|
|
12,693
|
|
|||
Balance at December 31
|
|
$
|
(426,108
|
)
|
|
$
|
(467,122
|
)
|
|
$
|
(481,980
|
)
|
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
(3)
|
|
Apartment/Residential
|
|
LIBOR + 6.75%
|
|
LIBOR + 6.75%
|
|
January 2018
|
|
IO
|
|
$
|
—
|
|
|
$
|
236,504
|
|
|
$
|
237,291
|
|
Borrower B
|
|
Office
|
|
LIBOR + 5.25%
|
|
LIBOR + 5.25%
|
|
December 2017
|
|
IO
|
|
—
|
|
|
168,901
|
|
|
168,213
|
|
|||
Borrower C
|
|
Mixed Use/Mixed Collateral
|
|
LIBOR + 6%
|
|
LIBOR + 6%
|
|
July 2017
|
|
IO
|
|
—
|
|
|
128,445
|
|
|
129,062
|
|
|||
Borrower D
(4)
|
|
Hotel
|
|
LIBOR + 6%
|
|
LIBOR + 6%
|
|
July 2018
|
|
IO
|
|
—
|
|
|
86,000
|
|
|
86,321
|
|
|||
Borrower E
|
|
Apartment/Residential
|
|
LIBOR + 8%
|
|
LIBOR + 8%
|
|
April 2018
|
|
IO
|
|
—
|
|
|
57,424
|
|
|
56,673
|
|
|||
Borrower F
(5)
|
|
Apartment/Residential
|
|
LIBOR + 6.5%
|
|
LIBOR + 6.5%
|
|
November 2018
|
|
IO
|
|
—
|
|
|
36,860
|
|
|
37,004
|
|
|||
Senior mortgages individually <3%
|
|
Apartment/Residential, Retail, Land, Mixed Use/Mixed Collateral, Office, Hotel, Other
|
|
Fixed: 4% to 9.68% Variable: LIBOR + 3% to LIBOR + 7.5%
|
|
Fixed: 4% to 9.68% Variable: LIBOR + 3% to LIBOR + 7.5%
|
|
2017 to 2024
|
|
|
|
|
|
|
227,650
|
|
|
176,400
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
941,784
|
|
|
890,964
|
|
|||
Subordinate Mortgages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinate mortgages individually <3%
|
|
Retail, Hotel
|
|
Fixed: 6.8% to 14.0%
|
|
Fixed: 8.33% to 9.09%
|
|
2017 to 2057
|
|
|
|
|
|
|
24,925
|
|
|
24,941
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,925
|
|
|
24,941
|
|
|||
Total mortgages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
966,709
|
|
|
$
|
915,905
|
|
(1)
|
Amounts are presented net of asset-specific reserves of
$49.8 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, 2016, included a LIBOR interest rate floor of
0.19%
.
|
(4)
|
As of December 31, 2016, included a LIBOR interest rate floor of
0.18%
.
|
(5)
|
As of December 31, 2016, included a LIBOR interest rate floor of
0.25%
.
|
|
2016
|
|
2015
|
|
2014
|
||||||
Balance at January 1
|
$
|
934,964
|
|
|
$
|
726,426
|
|
|
$
|
827,796
|
|
Additions:
|
|
|
|
|
|
||||||
New mortgage loans
|
25,893
|
|
|
237,031
|
|
|
476,332
|
|
|||
Additions under existing mortgage loans
|
165,275
|
|
|
92,887
|
|
|
13,108
|
|
|||
Other
(2)
|
30,694
|
|
|
33,080
|
|
|
26,156
|
|
|||
Deductions
(3)
:
|
|
|
|
|
|
||||||
Collections of principal
|
(247,431
|
)
|
|
(151,464
|
)
|
|
(532,465
|
)
|
|||
Recovery of (provision for) loan losses
|
9,747
|
|
|
(6,186
|
)
|
|
483
|
|
|||
Transfers (to) from real estate and equity investments
|
(3,177
|
)
|
|
3,261
|
|
|
(84,912
|
)
|
|||
Amortization of premium
|
(60
|
)
|
|
(71
|
)
|
|
(72
|
)
|
|||
Balance at December 31
|
$
|
915,905
|
|
|
$
|
934,964
|
|
|
$
|
726,426
|
|
(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
$10.1 million
,
$1.0 million
and
$239.6 million
for the years ended December 31, 2016, 2015 and 2014, respectively.
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax income from continuing operations before earnings from equity method investments and other items
|
$
|
(110,899
|
)
|
|
$
|
(139,564
|
)
|
|
$
|
(178,293
|
)
|
|
$
|
(264,644
|
)
|
|
$
|
(411,106
|
)
|
Add: Fixed charges as calculated below
|
229,152
|
|
|
231,967
|
|
|
232,037
|
|
|
270,872
|
|
|
359,844
|
|
|||||
Add: Distributions from operations of equity method investments
|
48,732
|
|
|
29,999
|
|
|
80,116
|
|
|
17,252
|
|
|
105,586
|
|
|||||
Less: Capitalized interest
|
(5,809
|
)
|
|
(5,337
|
)
|
|
(4,893
|
)
|
|
(2,590
|
)
|
|
(1,794
|
)
|
|||||
Total earnings
|
$
|
161,176
|
|
|
$
|
117,065
|
|
|
$
|
128,967
|
|
|
$
|
20,890
|
|
|
$
|
52,530
|
|
Fixed charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
(1)
|
$
|
221,398
|
|
|
$
|
224,639
|
|
|
$
|
224,483
|
|
|
$
|
266,225
|
|
|
$
|
356,161
|
|
Add: Capitalized interest
|
5,809
|
|
|
5,337
|
|
|
4,893
|
|
|
2,590
|
|
|
1,794
|
|
|||||
Implied interest component on the company's rent obligations
|
1,945
|
|
|
1,991
|
|
|
2,661
|
|
|
2,057
|
|
|
1,889
|
|
|||||
Fixed charges
|
$
|
229,152
|
|
|
$
|
231,967
|
|
|
$
|
232,037
|
|
|
$
|
270,872
|
|
|
$
|
359,844
|
|
Preferred dividends
|
51,320
|
|
|
51,320
|
|
|
51,320
|
|
|
49,020
|
|
|
42,320
|
|
|||||
Fixed charges and preferred dividends
|
$
|
280,472
|
|
|
$
|
283,287
|
|
|
$
|
283,357
|
|
|
$
|
319,892
|
|
|
$
|
402,164
|
|
Earnings to fixed charges
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Earnings to fixed charges and preferred dividends
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(1)
|
For the years ended December 31, 2012, interest expense includes $1,064 of interest expense reclassified to discontinued operations.
|
(2)
|
For the years ended
December 31, 2016
,
2015
,
2014
,
2013
and
2012
earnings were not sufficient to cover fixed charges by
$67,976
,
$114,902
,
$103,070
,
$249,982
and
$307,314
, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by
$119,296
,
$166,222
,
$154,390
,
$299,002
and
$349,634
, respectively.
|