XML 58 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues:        
Interest income $ 36,448 $ 80,185 $ 73,651 $ 140,953
Operating lease income 37,928 37,642 76,408 75,755
Other income 22,345 7,599 38,631 16,273
Total revenues 96,721 [1] 125,426 [1] 188,690 [1] 232,981 [1]
Costs and expenses:        
Interest expense 94,474 95,753 179,818 164,846
Operating costs-net lease assets 4,965 4,384 8,128 8,670
Operating costs-REHI and OREO 22,424 18,002 44,498 35,789
Depreciation and amortization 16,960 15,011 33,475 29,824
General and administrative 19,792 25,699 42,637 50,099
Provision for loan losses 26,531 10,350 44,031 21,230
Impairment of assets 7,496 2,764 23,000 4,254
Other expense 3,907 459 4,360 3,181
Total costs and expenses 196,549 172,422 379,947 317,893
Income (loss) before earnings from equity method investments and other items (99,828) (46,996) (191,257) (84,912)
Gain (loss) on early extinguishment of debt, net (4,868) (1,047) (3,164) 105,556
Earnings from equity method investments 18,420 19,131 53,206 44,064
Income (loss) from continuing operations before income taxes (86,276) (28,912) (141,215) 64,708
Income tax (expense) benefit (3,477) 2,675 (4,748) (8,377)
Income (loss) from continuing operations (89,753) [2] (26,237) [2] (145,963) [2] 56,331 [2]
Income (loss) from discontinued operations 507 217 1,530 1,553
Gain from discontinued operations 24,851 0 27,257 0
Income from sales of residential property 13,266 0 19,999 0
Net income (loss) (51,129) (26,020) (97,177) 57,884
Net (income) loss attributable to noncontrolling interests 722 (14) 696 (444)
Net income (loss) attributable to iStar Financial Inc. (50,407) (26,034) (96,481) 57,440
Preferred dividends (10,580) (10,580) (21,160) (21,160)
Net (income) loss allocable to HPU holders and Participating Security holders 1,991 [3],[4] 1,089 [3],[4] 3,852 [3],[4] (2,640) [3],[4]
Net income (loss) allocable to common shareholders $ (58,996) $ (35,525) $ (113,789) $ 33,640
Income (loss) attributable to iStar Financial Inc. from continuing operations:        
Basic (in dollars per share) $ (1.00) [2] $ (0.38) [2] $ (1.69) [2] $ 0.34 [2]
Diluted (in dollars per share) $ (1.00) [2] $ (0.38) [2] $ (1.69) [2] $ 0.34 [2]
Net income (loss) attributable to iStar Financial Inc.:        
Basic (in dollars per share) $ (0.70) [2] $ (0.38) [2] $ (1.36) [2] $ 0.36 [2]
Diluted (in dollars per share) $ (0.70) [2] $ (0.38) [2] $ (1.36) [2] $ 0.36 [2]
Weighted average number of common shares-basic (in shares) 84,113 [2] 92,621 [2] 83,834 [2] 92,580 [2]
Weighted average number of common shares-diluted (in shares) 84,113 [2] 92,621 [2] 83,834 [2] 94,758 [2]
Income (loss) attributable to iStar Financial Inc. from continuing operations:        
Basic (in dollars per share) $ (187.93) [2],[3] $ (73.00) [2],[3] $ (319.66) [2],[3] $ 65.80 [2],[3]
Diluted (in dollars per share) $ (187.93) [2],[3] $ (73.00) [2],[3] $ (319.66) [2],[3] $ 64.40 [2],[3]
Net income (loss) attributable to iStar Financial Inc.:        
Basic (in dollars per share) $ (132.73) [2],[3] $ (72.60) [2],[3] $ (256.80) [2],[3] $ 68.73 [2],[3]
Diluted (in dollars per share) $ (132.73) [2],[3] $ (72.60) [2],[3] $ (256.80) [2],[3] $ 67.27 [2],[3]
Weighted average number of HPU shares-basic and diluted (in shares) 15 [2],[3] 15 [2],[3] 15 [2],[3] 15 [2],[3]
[1] Total revenue represents all revenue earned during the period related to the assets in each segment. Revenue from the Real Estate Lending segment primarily represents interest income, revenue from the Net Leasing segment primarily represents operating lease income and revenue from Real Estate Investment primarily represents operating revenues from REHI properties.
[2] Income (loss) from continuing operations attributable to iStar Financial Inc. for the three months ended June 30, 2012 and 2011 was $(89.0) million and $(26.3) million, respectively, and for the six months ended June 30, 2012 and 2011 was $(145.3) million and $55.9 million, respectively. See Note 14 for details on the calculation of earnings per share.
[3] HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program.
[4] Participating Security holders are Company employees and directors who hold unvested restricted stock units, restricted stock awards and common stock equivalents granted under the Company's Long Term Incentive Plans that are eligible to participate in dividends (see Notes 13 and 14).