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02/25/2016

iStar Announces Fourth Quarter and Fiscal Year 2015 Results

 

Full year adjusted income allocable to common shareholders was $84 million, or $0.81 per diluted common share
Quarterly adjusted income allocable to common shareholders was $39 million, or $0.34 per diluted common share
Current unrestricted cash balance is approximately $650 million
Repurchased 9.2 million shares since the beginning of the fourth quarter through February 24th

NEW YORK, Feb. 25, 2016 /PRNewswire/ -- iStar (NYSE: STAR) today reported results for the fourth quarter and fiscal year ended December 31, 2015.

Fourth Quarter 2015 Results

iStar reported adjusted income allocable to common shareholders for the fourth quarter of $38.5 million, or $0.34 per diluted common share, an increase from $28.3 million, or $0.26 per diluted common share for the fourth quarter 2014.

Adjusted income represents net income computed in accordance with GAAP, prior to the effects of certain non-cash items. Please see the financial tables that follow the text of this press release for the Company's calculations of adjusted income and reconciliation to GAAP net income (loss).

Net income allocable to common shareholders for the fourth quarter was $7.7 million, or $0.09 per diluted common share, compared to a loss of $(13.3) million, or $(0.16) per diluted common share for the fourth quarter 2014.

Fiscal Year 2015 Results

iStar reported adjusted income allocable to common shareholders for the year ended December 31, 2015 of $84.0 million, or $0.81 per diluted common share, compared to $109.4 million, or $1.00 per diluted common share for the year ended December 31, 2014.

"We took a cautious view in the fourth quarter regarding new investments, opting to  maintain a significant cash balance. At the same time, we exceeded our adjusted income goals by realizing upon the work and value created within our development businesses," said Jay Sugarman, iStar's chairman and chief executive officer.

Net income (loss) allocable to common shareholders for the year was $(52.7) million, or  $(0.62) per diluted common share, compared to $(33.7) million, or $(0.40) per diluted common share for the year ended December 31, 2014.

Capital Markets

The Company continued its stock repurchase activity, completing open market purchases of 9.2 million shares for $102.1 million from the beginning of the fourth quarter through February 24th. Since the beginning of 2015 to date, iStar repurchased 12.5 million shares, net, of common stock and common stock equivalents, or 14.2% of outstanding iStar common equity, for an aggregate of $132.2 million at an average price of $10.59 per share.

On February 15, 2016, the Board of Directors authorized a new $50 million stock repurchase program.

The Company's weighted average cost of debt for the fourth quarter was 5.4%, down from 5.5% for the fourth quarter of last year. The Company's leverage was 2.1x at December 31, 2015, the low end of the Company's targeted range of 2.0x – 2.5x. Please see the financial tables that follow the text of this press release for a calculation of the Company's leverage.

Investment Activity

iStar funded a total of $92.5 million during the quarter associated with new investments, prior financing commitments and ongoing development, bringing total fundings for the year to $662.5 million.

iStar generated $223.0 million of repayments and sales during the fourth quarter, bringing total proceeds for the year to $971.2 million.

The Company's current balance of unrestricted cash is approximately $650 million.

Portfolio Overview

At December 31, 2015, the Company's portfolio totaled $5.09 billion, which is gross of $462.6 million of accumulated depreciation and $36.0 million of general loan loss reserves.

Real Estate Finance

At December 31, 2015, the Company's real estate finance portfolio totaled $1.64 billion, gross of general loan loss reserves. The portfolio included $1.58 billion of performing loans with a weighted average maturity of 2.3 years. The performing loans were comprised of 56% first mortgages / senior loans and 44% mezzanine / subordinated debt. The performing loans had a weighted average last dollar loan-to-value ratio of 67% and generated an 8.3% yield for the quarter. The Company invested $43.1 million and received $62.9 million of proceeds within its real estate finance portfolio during the quarter.

At December 31, 2015, the Company's non-performing loans (NPLs) had a carrying value of $60.3 million, down from $82.6 million in the third quarter. The Company recorded a $5.6 million provision for loan losses during the quarter. At December 31, 2015, loan loss reserves totaled $108.2 million, comprised of $36.0 million of general reserves and $72.2 million of asset specific reserves.

Net Lease

At the end of the quarter, iStar's net lease portfolio totaled $1.56 billion, gross of $377.4 million of accumulated depreciation. During the quarter, the Company received $61.4 million of sales proceeds from its net lease portfolio and recorded $24.5 million of gains associated with these sales.

The Company's net lease portfolio totaled 18 million square feet across 33 states. Occupancy for the portfolio was 96.4% at the end of the quarter, with a weighted average remaining lease term of 14.9 years. The net lease portfolio generated an unleveraged yield of 8.4% for the quarter.

Operating Properties

At the end of the quarter, iStar's operating properties portfolio totaled $709.0 million, gross of $79.1 million of accumulated depreciation, and was comprised of $571.8 million of commercial and $137.2 million of residential real estate properties. During the quarter, the Company invested $23.3 million within its operating properties portfolio and received $19.7 million of proceeds from sales.

Commercial Operating Properties

The Company's commercial operating properties represent a diverse pool of assets across a broad range of geographies and collateral types including office, retail and hotel properties. These properties generated $26.3 million of revenue offset by $19.5 million of expenses during the quarter. iStar generally seeks to reposition or redevelop these assets with the objective of maximizing their values through the infusion of capital and/or intensive asset management efforts.

At the end of the quarter, the Company had $123.8 million of stabilized commercial operating properties that were 89% leased and generated an unleveraged yield of 8.8% for the quarter. The remainder of the commercial operating portfolio was comprised of $448.0 million of transitional properties that were 65% leased and generated an unleveraged yield of 2.8% for the quarter. iStar is actively working to lease up and stabilize these properties.

During the quarter, the Company executed commercial operating property leases covering approximately 83,000 square feet.

Residential Operating Properties

At the end of the quarter, the residential operating portfolio was comprised of condominium units generally located within luxury projects in major U.S. cities. During the quarter, iStar sold 19 condominium units, resulting in $14.6 million of proceeds and recorded $3.6 million of income, offset by $2.5 million of expenses.

Land & Development

At the end of the quarter, the Company's land & development portfolio totaled $1.11 billion, with seven projects in production, 10 in development and 13 in the pre-development phase. These projects are collectively entitled for approximately 30,000 lots and units.

For the quarter, the Company's land and development portfolio generated $71.1 million of revenues, offset by $44.6 million of cost of sales, plus $3.0 million from land development equity method investments. This resulted in total gross margin and earnings from equity method investments of $29.5 million compared $15.7 million for the same period last year.  During the quarter, the Company invested $25.1 million in its land portfolio.

For the year, the Company's gross margin and earnings from equity method investments grew to $49.5 million from $17.3 million in the prior year.

"We are beginning to realize the embedded value in our land portfolio and development efforts over the past few years as sales and profitability grew significantly year-over-year," said Sugarman. "We look forward to continuing our efforts to unlock the value in our land portfolio during 2016."

*               *                *

iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets.

iStar logo.

Logo - http://photos.prnewswire.com/prnh/20130708/NY43293LOGO

iStar will hold a quarterly earnings conference call at 10:00 a.m. ET today, February 25, 2016. This conference call will be broadcast live over the internet and can be accessed by all interested parties through iStar's website, www.istar.com. To listen to the live call, please go to the website's "Investor" section at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those who are not available to listen to the live broadcast, a replay will be available shortly after the call on iStar's website.

Note: Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although iStar believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from iStar's expectations include general economic conditions and conditions in the commercial real estate and credit markets, the Company's ability to generate liquidity and to repay indebtedness as it comes due, additional loan loss provisions, the amount and timing of asset sales, changes in NPLs, repayment levels, the Company's ability to make new investments, the Company's ability to maintain compliance with its debt covenants, the Company's ability to generate income and gains from operating properties and land and other risks detailed from time to time in iStar SEC reports.

 

 

 

iStar
Consolidated Statements of Operations

(In thousands)

(unaudited)

 
   

Three Months
Ended December 31,

 

Twelve Months
Ended December 31,

   

2015

 

2014

 

2015

 

2014

REVENUES

               

Operating lease income

 

$

58,730

   

$

59,334

   

$

229,720

   

$

243,100

 

Interest income

 

32,463

   

28,565

   

134,687

   

122,704

 

Other income

 

9,718

   

18,780

   

49,931

   

81,033

 

Land development revenue

 

71,114

   

3,271

   

100,216

   

15,191

 

  Total revenues

 

$

172,025

   

$

109,950

   

$

514,554

   

$

462,028

 

COST AND EXPENSES

               

Interest expense

 

$

57,302

   

$

55,073

   

$

224,639

   

$

224,483

 

Real estate expense

 

35,607

   

38,937

   

146,750

   

163,389

 

Land development cost of sales

 

44,554

   

2,812

   

67,382

   

12,840

 

Depreciation and amortization

 

15,443

   

18,414

   

65,247

   

73,571

 

General and administrative(1)

 

18,757

   

18,780

   

81,277

   

88,287

 

Provision for (recovery of) loan losses

 

5,623

   

5,151

   

36,567

   

(1,714)

 

Impairment of assets

 

4,934

   

12,893

   

10,524

   

34,634

 

Other expense

 

29

   

1,433

   

6,374

   

6,340

 

  Total costs and expenses

 

$

182,249

   

$

153,493

   

$

638,760

   

$

601,830

 

  Income (loss) before other items

 

$

(10,224)

   

$

(43,543)

   

$

(124,206)

   

$

(139,802)

 

Income from sales of real estate

 

27,794

   

28,478

   

93,816

   

89,943

 

Earnings from equity method investments

 

6,249

   

18,057

   

32,153

   

94,905

 

Income tax expense

 

(3,843)

   

(4,531)

   

(7,639)

   

(3,912)

 

Loss on early extinguishment of debt

 

(2)

   

(416)

   

(281)

   

(25,369)

 

  Net income (loss)

 

$

19,974

   

$

(1,955)

   

$

(6,157)

   

$

15,765

 

Net (income) loss attributable to noncontrolling interests

 

546

   

1,071

   

3,722

   

704

 

  Net income (loss) attributable to iStar

 

$

20,520

   

$

(884)

   

$

(2,435)

   

$

16,469

 

Preferred dividends

 

(12,830)

   

(12,830)

   

(51,320)

   

(51,320)

 

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

 

(5)

   

442

   

1,080

   

1,129

 

  Net income (loss) allocable to common shareholders

 

$

7,685

   

$

(13,272)

   

$

(52,675)

   

$

(33,722)

 
       

(1) For the three months ended December 31, 2015 and 2014, includes $1,947 and $4,770 of stock-based compensation expense, respectively.  For the twelve months ended December 31, 2015 and 2014, includes $12,013 and $13,314 of stock-based compensation expense, respectively.

     

(2) HPU Holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program. During the twelve months ended December 31, 2015, the Company repurchased and retired 100% of the outstanding HPU shares through an exchange offer. Participating Security holders are non-employee directors who hold common stock equivalents and restricted stock awards granted under the Company's LTIP who are eligible to participate in dividends.

     

 

 

 

iStar

Earnings Per Share Information

(In thousands, except per share data)

(unaudited)

 
   

Three Months
Ended December 31,

 

Twelve Months
Ended December 31,

   

2015

 

2014

 

2015

 

2014

EPS INFORMATION FOR COMMON SHARES

               

Income (loss) from continuing operations attributable to iStar(1)(2)

       

Basic

 

$

0.09

   

$

(0.16)

   

$

(0.62)

   

$

(0.40)

 

Diluted

 

$

0.09

   

$

(0.16)

   

$

(0.62)

   

$

(0.40)

 

Net income (loss)

               

Basic

 

$

0.09

   

$

(0.16)

   

$

(0.62)

   

$

(0.40)

 

Diluted

 

$

0.09

   

$

(0.16)

   

$

(0.62)

   

$

(0.40)

 

Adjusted income

               

Basic

 

$

0.46

   

$

0.33

   

$

0.99

   

$

1.29

 

Diluted

 

$

0.34

   

$

0.26

   

$

0.81

   

$

1.00

 

Weighted average shares outstanding

               

Basic

 

83,162

   

85,188

   

84,987

   

85,031

 

Diluted (for net income per share)

 

83,581

   

85,188

   

84,987

   

85,031

 

Diluted (for adjusted income per share)

 

127,775

   

129,954

   

129,589

   

129,789

 

Common shares outstanding at end of period

 

81,109

   

85,191

   

81,109

   

85,191

 
                         

(1) Including preferred dividends, net (income) loss attributable to noncontrolling interests and income from sales of real estate.

 

(2) During the twelve months ended December 31, 2015, the Company repurchased and retired 100% of the outstanding HPU shares through an exchange offer.  A portion of income during the twelve months ended December 31, 2015 and in all periods during 2014 is allocable to HPU holders.

 

 

 

 

 

iStar

Consolidated Balance Sheets

(In thousands)

(unaudited)

 

 
 

As of

 

As of

 

December 31,
2015

 

December 31,
2014

ASSETS

     
       

Real estate

     

Real estate, at cost

$

2,050,541

   

$

2,276,913

 

Less: accumulated depreciation

(456,558)

   

(460,482)

 

Real estate, net

$

1,593,983

   

$

1,816,431

 

Real estate available and held for sale

137,274

   

167,303

 
 

$

1,731,257

   

$

1,983,734

 

Land and development

1,001,963

   

978,962

 

Loans receivable and other lending investments, net

1,601,985

   

1,377,843

 

Other investments

254,172

   

354,119

 

Cash and cash equivalents

711,101

   

472,061

 

Accrued interest and operating lease income receivable, net

18,436

   

16,367

 

Deferred operating lease income receivable

97,421

   

98,262

 

Deferred expenses and other assets, net

206,557

   

181,785

 

Total assets

$

5,622,892

   

$

5,463,133

 
       

LIABILITIES AND EQUITY

     
       

Accounts payable, accrued expenses and other liabilities

$

214,835

   

$

180,902

 

Loan participations payable, net

152,326

   

 

Debt obligations, net

4,143,683

   

4,022,684

 

Total liabilities

$

4,510,844

   

$

4,203,586

 
       

Redeemable noncontrolling interests

$

10,718

   

$

11,199

 
       

Total iStar shareholders' equity

$

1,059,112

   

$

1,197,092

 

Noncontrolling interests

42,218

   

51,256

 

Total equity

$

1,101,330

   

$

1,248,348

 
       

Total liabilities and equity

$

5,622,892

   

$

5,463,133

 

 

 

 

 

iStar

Segment Analysis

(In thousands)

(unaudited)

 

 

FOR THE THREE MONTHS ENDED DECEMBER 31, 2015

           
 

Real
Estate
Finance

 

Net
Lease

 

Operating
Properties

 

Land &
Dev

 

Corporate
/ Other

 


Total

Operating lease income

$

   

$

39,982

   

$

18,599

   

$

149

   

$

   

$

58,730

 

Interest income

32,463

   

   

   

   

   

32,463

 

Other income

903

   

225

   

7,568

   

56

   

966

   

9,718

 

Land development revenue

   

   

   

71,114

   

   

71,114

 

Earnings from equity method investments

   

951

   

361

   

2,964

   

1,973

   

6,249

 

Income from sales of real estate

   

24,497

   

3,297

   

   

   

27,794

 

Total revenue and other earnings

$

33,366

   

$

65,655

   

$

29,825

   

$

74,283

   

$

2,939

   

$

206,068

 

Real estate expense

   

(5,590)

   

(22,076)

   

(7,941)

   

   

(35,607)

 

Land development cost of sales

   

   

   

(44,554)

   

   

(44,554)

 

Other expense

(32)

   

   

   

   

3

   

(29)

 

Allocated interest expense

(14,281)

   

(16,378)

   

(6,565)

   

(8,402)

   

(11,676)

   

(57,302)

 

Allocated general and administrative(1)

(3,378)

   

(3,923)

   

(1,690)

   

(2,729)

   

(5,090)

   

(16,810)

 

Segment profit (loss)

$

15,675

   

$

39,764

   

$

(506)

   

$

10,657

   

$

(13,824)

   

$

51,766

 
                             

(1) Excludes $1,947 of stock-based compensation expense.

 

 

 

iStar

Segment Analysis

(In thousands)

(unaudited)

 
 

FOR THE TWELVE MONTHS ENDED DECEMBER, 2015

           
 

Real
Estate
Finance

 

Net
Lease

 

Operating
Properties

 

Land &
Dev

 

Corporate
/ Other

 


Total

Operating lease income

$

   

$

151,481

   

$

77,454

   

$

785

   

$

   

$

229,720

 

Interest income

134,687

   

   

   

   

   

134,687

 

Other income

9,737

   

357

   

34,637

   

1,219

   

3,981

   

49,931

 

Land development revenue

   

   

   

100,216

   

   

100,216

 

Earnings from equity method investments

   

5,221

   

1,663

   

16,683

   

8,586

   

32,153

 

Income from sales of real estate

   

40,082

   

53,734

   

   

   

93,816

 

Total revenue and other earnings

$

144,424

   

$

197,141

   

$

167,488

   

$

118,903

   

$

12,567

   

$

640,523

 

Real estate expense

   

(21,855)

   

(95,888)

   

(29,007)

   

   

(146,750)

 

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(1)

(13,128)

   

(15,569)

   

(6,988)

   

(11,488)

   

(22,091)

   

(69,264)

 

Segment profit (loss)

$

71,896

   

$

93,213

   

$

36,598

   

$

(21,061)

   

$

(54,532)

   

$

126,114

 
     

(1) Excludes $12,013 of stock-based compensation expense.

 

 

 

AS OF DECEMBER 31, 2015

                     
 

Real
Estate
Finance

 

Net
Lease

 

Operating
Properties

 

Land &
Dev

 

Corporate

 / Other

 


Total

Real estate

                     

Real estate, at cost

$

   

$

1,489,895

   

$

560,646

   

$

   

$

   

$

2,050,541

 

Less: accumulated depreciation

   

(377,416)

   

(79,142)

   

   

   

(456,558)

 

Real estate, net

$

   

$

1,112,479

   

$

481,504

   

$

   

$

   

$

1,593,983

 

Real estate available and held for sale

   

   

137,274

   

   

   

137,274

 

Total real estate

$

   

$

1,112,479

   

$

618,778

   

$

   

$

   

$

1,731,257

 

Land and development

   

   

   

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

   

$

1,181,575

   

$

629,902

   

$

1,102,382

   

$

73,533

   

$

4,589,377

 

Cash and other assets

                   

1,033,515

 

Total assets

                   

$

5,622,892

 

 

 

 

iStar

Supplemental Information

(In thousands)

(unaudited)

 

 
   

Three Months
Ended December 31,

 

Twelve Months
Ended December 31,

   

2015

 

2014

 

2015

 

2014

ADJUSTED INCOME (1)

               

Reconciliation of Net Income to Adjusted Income

               

Net income (loss) allocable to common shareholders

 

$

7,685

   

$

(13,272)

   

$

(52,675)

   

$

(33,722)

 

Add: Depreciation and amortization

 

17,207

   

19,763

   

72,132

   

76,287

 

Add: Provision for (recovery of) loan losses

 

5,623

   

5,151

   

36,567

   

(1,714)

 

Add: Impairment of assets

 

6,100

   

12,893

   

18,509

   

34,634

 

Add: Stock-based compensation expense

 

1,947

   

4,770

   

12,013

   

13,314

 

Add: Loss on early extinguishment of debt

 

2

   

416

   

281

   

25,369

 

Less: HPU/Participating Security allocation

 

(21)

   

(1,386)

   

(2,850)

   

(4,791)

 

Adjusted income allocable to common shareholders

 

$

38,543

   

$

28,335

   

$

83,977

   

$

109,377

 
   

 (1) Adjusted Income (loss) allocable to common shareholders should be examined in conjunction with net income (loss) as shown in the Consolidated Statements of Operations. This non-GAAP financial measure should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company's performance, or to cash flows from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, nor is it indicative of funds available to fund the Company's cash needs or available for distribution to shareholders. It should be noted that the Company's manner of calculating this non-GAAP financial measure may differ from the calculations of similarly-titled measures by other companies. Management believes that it is useful to consider Adjusted Income because the adjustments are non-cash items that do not necessarily reflect an actual change in the long-term economic value or performance of our assets. Management considers this non-GAAP financial measure as supplemental information to net income in analyzing the performance of our underlying business. Depreciation and amortization includes our proportionate share of depreciation and amortization expense relating to equity method investments and excludes the portion of depreciation and amortization expense allocable to non-controlling interests. Impairment of assets includes impairments on cost and equity method investments recorded in other income and earnings from equity method investments, respectively.

 
   

 

 

 

 

iStar

Supplemental Information

(In thousands)

(unaudited)

 

 
 

Twelve Months
Ended December
31, 2015

OPERATING STATISTICS

 
   

Expense Ratio

 

General and administrative expenses (A)

$

81,277

 

Average total assets (B)

$

5,610,953

 

Expense Ratio (A) / (B)

1.4

%

   
 

As of

 

December 31, 2015

Leverage

 

Book debt

$

4,143,683

 

Less: Cash and cash equivalents

(711,101)

 

Net book debt (C)

$

3,432,582

 
   

Book equity

$

1,101,330

 

Add: Accumulated depreciation and amortization(1)

514,801

 

Add: General loan loss reserves

36,000

 

Sum of book equity, accumulated D&A and general loan loss reserves (D)

$

1,652,131

 

Leverage (C) / (D)

2.1x

   

UNENCUMBERED ASSETS / UNSECURED DEBT

 
   

Unencumbered assets (E)(2)

$

4,681,809

 

Unsecured debt (F)

$

3,321,125

 

Unencumbered Assets / Unsecured Debt (E) / (F)

1.4x

 

(1) Accumulated depreciation and amortization includes iStar's proportionate share of accumulated depreciation and amortization relating to equity method investments.

(2) Unencumbered assets are calculated in accordance with the indentures governing the Company's unsecured debt securities.

 

iStar
Supplemental Information
(In thousands)
(unaudited)

 
       

As of

       

December 31, 2015

UNFUNDED COMMITMENTS

         
           

Performance-based commitments

     

$

728,000

 

Strategic investments

     

45,940

 

Discretionary fundings

     

5,000

 

Total Unfunded Commitments

     

$

778,940

 
           

LOAN RECEIVABLE CREDIT STATISTICS

As of

 

December 31, 2015

 

December 31, 2014

           

Carrying value of NPLs /

         

As a percentage of total carrying value of loans

$

60,327

 

3.9

%

 

$

65,047

 

5.5

%

           

Total reserve for loan losses /

         

As a percentage of total gross carrying value of loans(1)

$

108,165

 

6.6

%

 

$

98,490

 

7.6

%

 

(1) Gross carrying value represents iStar's carrying value of loans, gross of loan loss reserves.

 

 

 

iStar
Supplemental Information
(In millions)
(unaudited)

 

PORTFOLIO STATISTICS AS OF DECEMBER 31, 2015(1)

                         

Property Type

 

Real
Estate
Finance

 

Net
Lease

 

Operating
Properties

 

Land &
Dev

 

Total

 

% of

Total

Land & Development

 

$

45

   

$

   

$

   

$

1,108

   

$

1,153

   

23

%

Office / Industrial

 

154

   

854

   

136

   

   

1,144

   

22

%

Mixed Use / Collateral

 

546

   

   

257

   

   

803

   

16

%

Hotel

 

349

   

136

   

55

   

   

540

   

11

%

Entertainment / Leisure

 

   

502

   

   

   

502

   

10

%

Condominium

 

250

   

   

137

   

   

387

   

8

%

Retail

 

78

   

58

   

124

   

   

260

   

5

%

Other Property Types

 

216

   

9

   

   

   

225

   

4

%

Strategic Investments

 

   

   

   

   

74

   

1

%

Total

 

$

1,638

   

$

1,559

   

$

709

   

$

1,108

   

$

5,088

   

100

%

                         

Geography

 

Real
Estate
Finance

 

Net
Lease

 

Operating
Properties

 

Land
& Dev

 

Total

 

% of
Total

Northeast

 

$

928

   

$

383

   

$

   

$

229

   

$

1,540

   

30

%

West

 

78

   

410

   

58

   

357

   

903

   

18

%

Southeast

 

136

   

235

   

277

   

152

   

800

   

16

%

Mid-Atlantic

 

227

   

140

   

142

   

203

   

712

   

14

%

Southwest

 

53

   

169

   

143

   

150

   

515

   

10

%

Central

 

155

   

80

   

58

   

6

   

299

   

6

%

Various

 

61

   

142

   

31

   

11

   

245

   

5

%

Strategic Investments

 

   

   

   

   

74

   

1

%

Total

 

$

1,638

   

$

1,559

   

$

709

   

$

1,108

   

$

5,088

   

100

%

           

(1) Based on carrying value of the Company's total investment portfolio, gross of accumulated depreciation and general loan loss reserves.

         

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/istar-announces-fourth-quarter-and-fiscal-year-2015-results-300226150.html

SOURCE iStar

David M. DiStaso, Chief Financial Officer, Jason Fooks, Vice President of Investor Relations & Marketing, 1114 Avenue of the Americas, New York, NY 10036 (212) 930-9400, investors@istar.com