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07/29/2014

iStar Financial Announces Second Quarter 2014 Results

 

- Adjusted income grew to $28.9 million, or $0.34 per diluted common share.
- Refinanced $1.3 billion of secured debt with longer term unsecured bonds, unencumbering $2.0 billion of high quality assets and enhancing the Company's liquidity profile.
- Funded $167 million of investments during the quarter.

 

NEW YORK, July 29, 2014 /PRNewswire/ -- iStar Financial Inc. (NYSE: STAR) today reported results for the second quarter ended June 30, 2014.

Second Quarter 2014 Results

iStar reported adjusted income allocable to common shareholders for the second quarter of $28.9 million, or $0.34 per diluted common share, compared to $4.4 million, or $0.05 per diluted common share for the second quarter 2013.

Adjusted income (loss) represents net income (loss) computed in accordance with GAAP, prior to the effects of certain non-cash items, primarily including depreciation, loan loss provisions, impairments, stock-based compensation and gain/loss on early extinguishment of debt. Please see the financial tables that follow the text of this press release for the Company's calculations of adjusted income (loss) as well as reconciliations to GAAP net income (loss).

 

Net income (loss) allocable to common shareholders for the second quarter was $(16.2) million, or $(0.19) per diluted common share, compared to $(26.0) million, or $(0.31) per diluted common share for the second quarter 2013.

Capital Markets

During the quarter, the Company issued at par $1.32 billion of unsecured notes comprised of $550 million of 4.00% Senior Notes due November 2017 and $770 million of 5.00% Senior Notes due July 2019. Proceeds from the offering, together with cash on hand, were used to fully extinguish  the Company's 2013 Secured Credit Facility.  As a result, the Company expensed previously incurred costs associated with the secured facility, recording a $22.8 million loss on early extinguishment of debt for the quarter.

"This transaction supports our long-term strategy of becoming primarily an unsecured borrower, which provides us added financial flexibility," said iStar chief financial officer David DiStaso. "Secured debt now represents only 16% of our total debt, down from 49% prior to this refinancing."

The transaction allowed iStar to unencumber $2.0 billion of collateral, primarily comprised of net lease assets and performing loans. Further, it enhances the Company's liquidity profile by enabling iStar to retain 100% of proceeds from asset repayments and sales associated with these previously encumbered assets.

The Company's only remaining secured credit facility is its 2012 Secured Credit Facility. During the quarter, the Company repaid $26.2 million on this facility, bringing the remaining balance to $391.9 million at June 30, 2014.

The Company's weighted average cost of debt for the second quarter was 5.5%, an improvement from 5.6% for the first quarter of 2014. The Company's leverage was 2.1x at June 30, 2014, unchanged from the prior quarter and at 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

During the second quarter, iStar funded a total of $167.1 million of investments, comprised of $117.0 million of new originations and $50.1 million  associated with ongoing developments and prior financing commitments. 

iStar generated $170.2 million of proceeds from its portfolio during the second quarter, which included $115.5 million from repayments and sales of loans within its real estate finance portfolio, $48.0 million from sales of operating properties and $6.7 million of proceeds across other segments.

In addition, the Company recognized $23.4 million of earnings from equity method investments during the second quarter from one of its strategic investments.

At the end of the second quarter, iStar had $356.5 million of cash, which will be used primarily to fund future investment activity.

 

Portfolio Overview

At June 30, 2014, the Company's portfolio totaled $5.27 billion, which is gross of $443.4 million of accumulated depreciation and $30.6 million of general loan loss reserves.

 

Real Estate Finance

At June 30, 2014, the Company's real estate finance portfolio totaled $1.49 billion, gross of general loan loss reserves.

The portfolio included $1.39 billion of performing loans with a weighted average last dollar loan-to-value ratio of 71% and a weighted average maturity of 2.4 years. The performing loans included $726.9 million of first mortgages / senior loans and $666.2 million of mezzanine / subordinated debt. The performing loans generated a weighted average effective yield for the quarter of 8.5%, which excludes $5.0 million of income recognized in the second quarter related to the amortization of a discount associated with the pending payoff of a loan.

At June 30, 2014, the Company's non-performing loans (NPLs) had a carrying value of $94.0 million, which represents a 54% reduction from $203.2 million at the end of the first quarter. Resolutions during the quarter included the sales of NPLs for which the Company recognized $19.0 million of gains relative to their carrying value, as well as receipt of title to certain properties. 

For the second quarter, the Company recorded a $2.8 million reversal of its loan loss provision, compared to a provision for loan losses of $5.0 million in the second quarter of 2013. At June 30, 2014, loan loss reserves totaled $137.9 million, or 9.8% of the total value of loans.

Net Lease

At the end of the quarter, iStar's net lease portfolio totaled $1.65 billion, gross of $352.4 million of accumulated depreciation. The Company's net lease portfolio totaled 20 million square feet across 33 states. Occupancy for the portfolio was 94.4% at the end of the quarter, with a weighted average remaining lease term of 11.2 years. The occupied assets generated an unleveraged yield of 8.2% and the total net lease portfolio generated an unleveraged yield of 7.7% for the quarter.

Operating Properties

At the end of the quarter, the Company's operating properties portfolio totaled $992.1 million, gross of $86.7 million of accumulated depreciation, and was comprised of $764.9 million of commercial and $227.2 million of residential real estate properties.  During the quarter, the Company funded $12.8 million of capital expenditures on its operating properties.

Commercial Operating

The Company's commercial operating properties represent a diverse pool of assets across a broad range of geographies and collateral types such as office, retail and hotel properties. These properties generated $28.8 million of revenue offset by $21.1 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 $132.9 million of stabilized commercial operating properties that were 82% leased and generated an unleveraged weighted average yield of 9.0% for the quarter.

The remaining commercial operating properties were 62% leased and generated an unleveraged weighted average yield of 3.1% 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 32,000 square feet.

 

Residential Operating

At the end of the quarter, the residential operating portfolio was comprised of 584 condominium units, generally located within luxury condominium projects in major U.S. cities. The Company's strategy is to continue selling its remaining condominium inventory and to maximize net proceeds. During the quarter, the Company sold 112 condominium units, resulting in $48.0 million of proceeds and recorded $19.7 million of income, offset by $7.8 million of expenses.

 

Land

At the end of the quarter, the Company's land portfolio totaled $1.00 billion, gross of accumulated depreciation, and was comprised of 11 master planned community projects, 11 urban infill land parcels and six waterfront land parcels located throughout the United States. During the quarter, the Company invested $25.2 million in its land portfolio through capital expenditures.

Master planned communities represent large-scale residential projects that the Company will entitle, plan and/or develop. These projects are currently entitled for approximately 25,000 lots. The remainder of the Company's land includes infill and waterfront parcels located in and around major cities that the Company will develop, sell to or partner with commercial real estate developers. These projects are currently entitled for approximately 6,000 residential units, and select projects include commercial, retail and office uses.

At June 30, 2014, the Company had six land projects in production, 10 in development and 12 in the pre-development phase.

During the quarter, the Company contributed a land parcel to a newly formed venture with a Chicago-based developer for the development of 1000 South Clark Street, a new luxury multifamily project in the South Loop of Chicago.  The 469-unit building's convenient location will offer residents access to a wide array of shopping, restaurants, cultural attractions and Chicago's central business district, while at the same time providing a highly-amenitized resort lifestyle.

In Asbury Park, the Company announced that it has received final approval for the K. Hovnanian® project, "South Grand." The project will consist of 28 luxury townhomes, situated directly between the City's urban downtown and the beach. South Grand is the newest residential project in the Asbury Park  Waterfront, and marks another step forward in the rebuilding of this iconic beachfront community along the Jersey shore. iStar has already begun general infrastructure work around the project site, and is expected to start delivering finished townhome lots in the fall.

[Financial Tables to Follow]

*                   *                *

iStar Financial Inc. (NYSE: STAR) is a fully-integrated finance and investment company focused on the commercial real estate industry. The Company provides custom-tailored investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company, which is taxed as a real estate investment trust ("REIT"), has invested more than $35 billion over the past two decades. Additional information on iStar Financial is available on the Company's website at www.istarfinancial.com.

iStar Financial Inc.

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

iStar Financial will hold a quarterly earnings conference call at 10:00 a.m. ET today, July 29, 2014. This conference call will be broadcast live over the Internet and can be accessed by all interested parties through iStar Financial's website, www.istarfinancial.com, under the "Investor Relations" section. To listen to the live call, please go to the website's "Investor Relations" 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 the iStar Financial 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 Financial Inc. 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 Financial'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, increases in NPLs, the Company's ability to reduce NPLs, repayment levels, the Company's ability to make new investments, the Company's ability to maintain compliance with its debt covenants, actual results of condominium sales meeting our expectations, the Company's ability to generate income and gains from non-performing loans, operating properties and land and other risks detailed from time to time in iStar Financial Inc.'sSEC reports.

 

 

iStar Financial Inc.

Consolidated Statements of Operations

(In thousands)

(unaudited)

 
 

Three Months
Ended June 30,

 

Six Months
Ended June 30,

 

2014

   

2013

   

2014

   

2013

 

REVENUES

                     

Operating lease income

$

60,967

   

$

57,112

   

$

123,075

   

$

115,128

 

Interest income

35,127

   

29,682

   

63,041

   

54,349

 

Other income

29,262

   

13,125

   

43,846

   

24,544

 

Land sales revenue

4,487

   

   

8,630

   

 

Total revenues

$

129,843

   

$

99,919

   

$

238,592

   

$

194,021

 

COST AND EXPENSES

                     

Interest expense

$

56,530

   

$

69,157

   

$

113,986

   

$

140,723

 

Real estate expense

40,554

   

36,981

   

83,167

   

74,815

 

Land cost of sales

3,611

   

   

7,265

   

 

Depreciation and amortization

18,822

   

17,330

   

37,435

   

34,653

 

General and administrative(1)

26,623

   

20,876

   

46,411

   

42,723

 

Provision for (recovery of) loan losses

(2,792)

   

5,020

   

(6,192)

   

15,226

 

Impairment of assets

3,300

   

   

6,279

   

 

Other expense

4,690

   

146

   

4,911

   

5,770

 

Total costs and expenses

$

151,338

   

$

149,510

   

$

293,262

   

$

313,910

 

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

$

(21,495)

   

$

(49,591)

   

$

(54,670)

   

$

(119,889)

 

Loss on early extinguishment of debt

(23,587)

   

(15,242)

   

(24,767)

   

(24,784)

 

Earnings from equity method investments

24,093

   

8,323

   

27,270

   

30,001

 

Income (loss) from continuing operations before income taxes

$

(20,989)

   

$

(56,510)

   

$

(52,167)

   

$

(114,672)

 

Income tax (expense) benefit

215

   

(429)

   

722

   

(4,504)

 

Income (loss) from continuing operations

$

(20,774)

   

$

(56,939)

   

$

(51,445)

   

$

(119,176)

 

Income (loss) from discontinued operations

   

(57)

   

   

1,186

 

Gain from discontinued operations

   

8,279

   

   

13,323

 

Income from sales of residential property

17,180

   

34,319

   

33,674

   

58,016

 

Net income (loss)

$

(3,594)

   

$

(14,398)

   

$

(17,771)

   

$

(46,651)

 

Net (income) loss attributable to noncontrolling interests

(325)

   

311

   

(779)

   

500

 

Net income (loss) attributable to iStar Financial Inc.

$

(3,919)

   

$

(14,087)

   

$

(18,550)

   

$

(46,151)

 

Preferred dividends

(12,830)

   

(12,780)

   

(25,660)

   

(23,360)

 

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

542

   

866

   

1,431

   

2,247

 

Net income (loss) allocable to common shareholders

$

(16,207)

   

$

(26,001)

   

$

(42,779)

   

$

(67,264)

 
                               
 

(1) For the three months ended June 30, 2014 and 2013, includes $3,196 and $4,719 of stock-based compensation expense, respectively. For the six months ended June 30, 2014 and 2013, includes $5,271 and $9,921 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. 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 LTIP who are eligible to participate in dividends.

 

 

 

 

iStar Financial Inc.

Earnings Per Share Information

(In thousands, except per share data)

(unaudited)

 
 

Three Months
Ended June 30,

 

Six Months
Ended June 30,

 

2014

   

2013

   

2014

   

2013

 

EPS INFORMATION FOR COMMON SHARES

                     

Income (loss) attributable to iStar Financial Inc. from continuing operations(1)

Basic and diluted

$

(0.19)

   

$

(0.40)

   

$

(0.50)

   

$

(0.95)

 

Net income (loss) attributable to iStar Financial Inc.

                     

Basic and diluted

$

(0.19)

   

$

(0.31)

   

$

(0.50)

   

$

(0.79)

 

Adjusted income (loss)

                     

Basic and diluted

$

0.34

   

$

0.05

   

$

0.27

   

$

0.05

 

Weighted average shares outstanding

                     

Basic and diluted

84,916

   

85,125

   

84,868

   

84,975

 

Common shares outstanding at end of period

85,153

   

85,373

   

85,153

   

85,373

 
                       

EPS INFORMATION FOR HPU SHARES

                     

Income (loss) attributable to iStar Financial Inc. from continuing operations(1)

Basic and diluted

$

(36.13)

   

$

(75.41)

   

$

(95.40)

   

$

(181.07)

 

Net income (loss) attributable to iStar Financial Inc.

                     

Basic and diluted

$

(36.13)

   

$

(57.74)

   

$

(95.40)

   

$

(149.81)

 

Weighted average shares outstanding

                     

Basic and diluted

15

   

15

   

15

   

15

 
                       

(1) Including preferred dividends, net (income) loss from noncontrolling interests and income from sales of residential property.

     

 

 

iStar Financial Inc.

Consolidated Balance Sheets

(In thousands)

(unaudited)

 
 

As of

 

As of

 

June 30, 2014

 

December 31, 2013

ASSETS

         
           

Real estate

         

Real estate, at cost

$

3,184,770

   

$

3,220,634

 

Less: accumulated depreciation

(443,380)

   

(424,453)

 

Real estate, net

$

2,741,390

   

$

2,796,181

 

Real estate available and held for sale

354,814

   

360,517

 
 

$

3,096,204

   

$

3,156,698

 

Loans receivable and other lending investments, net

1,456,407

   

1,370,109

 

Other investments

241,561

   

207,209

 

Cash and cash equivalents

356,513

   

513,568

 

Restricted cash

24,147

   

48,769

 

Accrued interest and operating lease income receivable, net

14,335

   

14,941

 

Deferred operating lease income receivable

97,170

   

92,737

 

Deferred expenses and other assets, net

187,148

   

237,980

 

Total assets

$

5,473,485

   

$

5,642,011

 
           

LIABILITIES AND EQUITY

         
           

Accounts payable, accrued expenses and other liabilities

$

136,850

   

$

170,831

 

Debt obligations, net

4,082,511

   

4,158,125

 

Total liabilities

$

4,219,361

   

$

4,328,956

 
           

Redeemable noncontrolling interests

$

11,433

   

$

11,590

 
           

Total iStar Financial Inc. shareholders' equity

$

1,186,905

   

$

1,243,260

 

Noncontrolling interests

55,786

   

58,205

 

Total equity

$

1,242,691

   

$

1,301,465

 
           

Total liabilities and equity

$

5,473,485

   

$

5,642,011

 

 

 

 

iStar Financial Inc.

         

Segment Analysis

         

(In thousands)

         

(unaudited)

         
           

FOR THE THREE MONTHS ENDED JUNE 30, 2014

                 
 

Real Estate
Finance

 

Net
Lease

 

Operating Properties

 

Land

 

Corporate / Other

 


Total

Operating lease income

$

   

$

37,674

   

$

23,117

   

$

176

   

$

   

$

60,967

 

Interest income

35,127

   

   

   

   

   

35,127

 

Other income

19,043

   

519

   

7,874

   

143

   

1,683

   

29,262

 

Land sales revenues

   

   

   

4,487

   

   

4,487

 

Total revenue

$

54,170

   

$

38,193

   

$

30,991

   

$

4,806

   

$

1,683

   

$

129,843

 

Earnings (loss) from equity method investments

   

862

   

731

   

(151)

   

22,651

   

24,093

 

Income from sales of residential property

   

   

17,180

   

   

   

17,180

 

Revenue and other earnings

$

54,170

   

$

39,055

   

$

48,902

   

$

4,655

   

$

24,334

   

$

171,116

 

Real estate expense

   

(5,520)

   

(28,929)

   

(6,105)

   

   

(40,554)

 

Land cost of sales

   

   

   

(3,611)

   

   

(3,611)

 

Other expense

(303)

   

   

   

   

(4,387)

   

(4,690)

 

Allocated interest expense

(15,858)

   

(18,009)

   

(10,229)

   

(7,294)

   

(5,140)

   

(56,530)

 

Allocated general and administrative(1)

(4,444)

   

(5,183)

   

(3,078)

   

(4,224)

   

(6,498)

   

(23,427)

 

Segment profit (loss)

$

33,565

   

$

10,343

   

$

6,666

   

$

(16,579)

   

$

8,309

   

$

42,304

 

 

AS OF JUNE 30, 2014

                                 
 

Real Estate
Finance

 

Net
Lease

 

Operating Properties

 

Land

 

Corporate / Other

 


Total

Real estate

                                 

Real estate, at cost

$

   

$

1,611,446

   

$

744,212

   

$

829,112

   

$

   

$

3,184,770

 

Less: accumulated depreciation

   

(352,418)

   

(86,747)

   

(4,215)

   

   

(443,380)

 

Real estate, net

$

   

$

1,259,028

   

$

657,465

   

$

824,897

   

$

   

$

2,741,390

 

Real estate available and held for sale

   

   

232,771

   

122,043

   

   

354,814

 

Total real estate

$

   

$

1,259,028

   

$

890,236

   

$

946,940

   

$

   

$

3,096,204

 

Loans receivable and other lending 

investments, net

1,456,407

   

   

   

   

   

1,456,407

 

Other investments

   

33,740

   

15,097

   

49,367

   

143,357

   

241,561

 

Total portfolio assets

$

1,456,407

   

$

1,292,768

   

$

905,333

   

$

996,307

   

$

143,357

   

$

4,794,172

 

Cash and other assets

                             

679,313

 

Total assets

                             

$

5,473,485

 
                                     

(1) Excludes $3,196 of stock-based compensation expense.

 

 

iStar Financial Inc.

Supplemental Information

(In thousands)

(unaudited)

 
 

Three Months
Ended June 30,

 

Six Months
Ended June 30,

 

2014

   

2013

   

2014

   

2013

 

ADJUSTED INCOME

                     

Reconciliation of Net Income to Adjusted Income

                     

Net income (loss) allocable to common shareholders

$

(16,207)

   

$

(26,001)

   

$

(42,779)

   

$

(67,264)

 

Add: Depreciation and amortization

19,291

   

17,400

   

38,187

   

34,854

 

Add: Provision for loan losses

(2,792)

   

5,020

   

(6,192)

   

15,226

 

Add: Impairment of assets

3,300

   

550

   

6,279

   

518

 

Add: Stock-based compensation expense

3,196

   

4,719

   

5,271

   

9,921

 

Add: Loss on early extinguishment of debt

23,587

   

3,728

   

24,767

   

13,270

 

Less: HPU/Participating Security allocation

(1,507)

   

(1,013)

   

(2,211)

   

(2,385)

 

Adjusted income (loss) allocable to common shareholders(1)

$

28,868

   

$

4,403

   

$

23,322

   

$

4,140

 
                               

(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 and impairment of assets exclude adjustments from discontinued operations of $70 and $427, respectively, for the three months ended June 30, 2013 and $201 and $395, respectively, for the six months ended June 30, 2013. 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. For the three and six months ended June 30, 2013, loss on early extinguishment of debt excludes the portion of losses paid in cash of $11,514.

 

 

 

iStar Financial Inc.

Supplemental Information

(In thousands)

(unaudited)

 
 

Six Months Ended June

30, 2014

OPERATING STATISTICS

   
     

Expense Ratio

   

General and administrative expenses - annualized (A)

$

92,822

 

Average total assets (B)

$

5,534,404

 

Expense Ratio (A) / (B)

1.7

%

     
 

As of

 

June 30, 2014

Leverage

   

Book debt

$

4,082,511

 

Less: Cash and cash equivalents

(356,513)

 

Net book debt (C)

$

3,725,998

 
     

Book equity

$

1,242,691

 

Add: Accumulated depreciation and amortization

494,378

 

Add: General loan loss reserves

30,600

 

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

$

1,767,669

 

Leverage (C) / (D)

2.1x

 
     

UNENCUMBERED ASSETS / UNSECURED DEBT

   
     

Unencumbered assets (E)(1)

$

5,085,370

 

Unsecured debt (F)

$

3,426,890

 

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

1.5x

 
   

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

 

 

 

iStar Financial Inc.

Supplemental Information

(In thousands)

(unaudited)

 
           

As of

           

June 30, 2014

UNFUNDED COMMITMENTS

                 
                   

Performance-based commitments

         

$

304,526

 

Strategic investments

         

46,362

 

Discretionary fundings

         

5,000

 

Total Unfunded Commitments

         

$

355,888

 
                   

LOAN RECEIVABLE CREDIT STATISTICS

As of

 

June 30, 2014

 

December 31, 2013

                   

Carrying value of NPLs /

                 

As a percentage of total carrying value of loans

$

93,960

 

7.4

%

 

$

203,604

 

16.6

%

                   

Impaired loan asset specific reserves for loan losses /

                 

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

$

107,304

 

33.3

%

 

$

348,004

 

46.3

%

                   

Total reserve for loan losses /

                 

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

$

137,904

 

9.8

%

 

$

377,204

 

23.5

%

                       

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

 

 

 

iStar Financial Inc.

Supplemental Information

(In millions)

(unaudited)

 

PORTFOLIO STATISTICS AS OF JUNE 30, 2014(1)

                                     

Property Type

 

Real Estate Finance

 

Net Lease

 

Operating Properties

 

Land

 

Total

 

% of

Total

Office / Industrial

 

$

109

   

$

967

   

$

351

   

$

   

$

1,427

   

27.1

%

Land

 

66

   

   

   

1,000

   

1,066

   

20.3

%

Mixed Use / Mixed Collateral

 

502

   

   

242

   

   

744

   

14.1

%

Entertainment / Leisure

 

   

475

   

   

   

475

   

9.0

%

Hotel

 

254

   

136

   

54

   

   

444

   

8.4

%

Retail

 

176

   

57

   

118

   

   

351

   

6.7

%

Condominium

 

120

   

   

227

   

   

347

   

6.6

%

Other Property Types

 

260

   

10

   

   

   

270

   

5.1

%

Strategic Investments

 

   

   

   

   

144

   

2.7

%

Total

 

$

1,487

   

$

1,645

   

$

992

   

$

1,000

   

$

5,268

   

100.0

%

                                     

Geography

 

Real Estate Finance

 

Net Lease

 

Operating Properties

 

Land

 

Total

 

% of
Total

Northeast

 

$

607

   

$

375

   

$

155

   

$

197

   

$

1,334

   

25.4

%

West

 

89

   

412

   

173

   

359

   

1,033

   

19.6

%

Southeast

 

281

   

237

   

287

   

99

   

904

   

17.2

%

Mid-Atlantic

 

174

   

177

   

142

   

186

   

679

   

12.9

%

Southwest

 

121

   

220

   

183

   

134

   

658

   

12.5

%

Central

 

90

   

67

   

49

   

9

   

215

   

4.1

%

Northwest

 

23

   

81

   

3

   

16

   

123

   

2.3

%

International

 

92

   

   

   

   

92

   

1.7

%

Various

 

10

   

76

   

   

   

86

   

1.6

%

Strategic Investments

 

   

   

   

   

144

   

2.7

%

Total

 

$

1,487

   

$

1,645

   

$

992

   

$

1,000

   

$

5,268

   

100.0

%

                                     

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

 

 

SOURCE iStar Financial Inc.

David M. DiStaso, Chief Financial Officer, or Jason Fooks, Investor Relations, (212) 930-9400, investors@istarfinancial.com