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iStar Financial Announces Record Fourth Quarter and Fiscal Year Earnings
NEW YORK, Feb. 14 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) reported that adjusted earnings for the quarter ended December 31, 2000 increased 15% to $0.69 per diluted common share, from $0.60 per diluted share for the quarter ended December 31, 1999. Adjusted earnings for the fourth quarter 2000 totaled $60.1 million on a diluted basis, up 32.6% from $45.3 million for fourth quarter 1999. Adjusted earnings represent GAAP net income before depreciation and amortization. Net income allocable to common shareholders for the fourth quarter grew to $46.9 million, or $0.54 per diluted common share. For the fourth quarter 1999, excluding a one-time, non-cash charge of $94.5 million associated with the Company's acquisition of its external advisor, net income allocable to common shareholders was $36.1 million, or $0.49 per diluted share.
In the fourth quarter of 2000, iStar Financial achieved returns on average book assets and average common book equity of 6.8% and 16.7%, respectively, while leverage remained at 1.2x book equity. Net investment income for the quarter ended December 31, 2000 increased 25.3% to $66.9 million, from $53.4 million for the fourth quarter of 1999. Net investment income represents interest and operating lease revenue less interest expense and operating costs for corporate tenant lease assets. Fourth quarter 2000 total revenue increased 36.7% to $122.3 million, from $89.5 million for the 1999 period.
Adjusted earnings for the year ended December 31, 2000 were $230.7 million, or $2.67 per diluted share, compared to $127.8 million, or $2.07 per diluted share for the same period in 1999. Net income allocable to common shareholders for the year ended December 31, 2000 was $180.7 million, or $2.10 per diluted share. For the same period in 1999, excluding the one-time advisor acquisition charge, net income allocable to common shareholders was $109.5 million, or $1.81 per diluted share.
For the fiscal year ended December 31, 2000, iStar Financial generated returns on average book assets and average common book equity of 6.8% and 16.3%, respectively, while leverage averaged 1.1x book equity. Net investment income and total revenue increased to $267.3 million and $471.8 million for the year ended December 31, 2000, respectively, from $158.6 million and $264.8 million, respectively, for the 1999 period.
iStar Financial announced that during the fourth quarter, it closed seven new financing commitments totaling $237.3 million, $117.3 million of which was funded during the quarter. In addition, the Company funded $12.0 million under six pre-existing commitments and received $157.8 million in principal repayments. For the year ended December 31, 2000, iStar Financial closed over $1 billion in new financing commitments and fundings under pre-existing commitments, and received $523.1 million in principal repayments. The Company's recent transactions continue to reflect its core business strategy of originating and acquiring large-balance, structured lending and corporate leasing transactions secured by high-quality commercial real estate assets in major metropolitan markets across the United States.
Jay Sugarman, iStar Financial's chairman and chief executive officer, commented, "This year, iStar Financial generated record earnings in each quarter, and continued to deliver strong risk-adjusted returns on equity using balance sheet leverage well below that of many other commercial finance companies. More importantly, however, this year we continued our track record of minimizing credit losses through strict risk management and underwriting discipline, and further strengthened our leading franchise in structured real estate finance, providing our customers with over $1 billion in flexible financing solutions. We also continued to add industry-leading investment, capital markets and asset management talent to our fully-integrated team of professionals." Mr. Sugarman added, "Going into the new year, I am as confident in our prospects as at any time in our eight-year history."
Selected Income Statement Data
(In thousands, except per share amounts)
Three Months Ended Year Ended December 31, December 31, 2000 1999 2000 1999 Net investment income $66,912 $53,389 $267,267 $158,604 Other income 5,290 4,012 17,855 12,763 Non-interest expense (15,958) (13,369) (69,584) (37,964) Net income before minority interest $56,244 $44,032 $215,538 $133,403 Non-recurring advisor charge $-- $(94,476) $-- $(94,476) Minority interest (72) (41) (195) (41) Gain on sale of corporate tenant lease assets -- -- 2,948 -- Extraordinary loss -- early extinguishment of debt -- -- (705) -- Preferred dividends (9,227) (7,920) (36,908) (23,843) Net income allocable to common shareholders $46,945 $(58,405) $180,678 $15,043 Per basic share(A) $0.55 ($0.80) $2.11 $0.25 Per diluted share $0.54 ($0.80) $2.10 $0.25 Adjusted earnings allocable to common shareholders(B) $60,056 $45,303 $230,688 $127,798 Per basic share $0.70 $0.61 $2.69 $2.19 Per diluted share $0.69 $0.60 $2.67 $2.07 Dividends $0.60 $0.57 $2.40 $1.86
(A) For the quarter and year ended December 31, 1999, net income per basic
common share excludes 1% of net income allocable to iStar Financial's class B shares. On November 4, 1999, the class B shares were exchanged for common shares in connection with the Company's acquisition of TriNet Corporate Realty Trust and related transactions. The Company now has a single class of common shares outstanding.
(B) Adjusted earnings represent GAAP net income before depreciation and
amortization, and exclude gain on sale of corporate tenant lease assets and extraordinary loss on early extinguishment of debt.
Selected Balance Sheet Data
As of As of December 31, December 31, 2000 1999 (unaudited) Loans and other lending investments, net $2,225,183 $2,003,506 Real estate subject to operating leases, net 1,670,169 1,714,284 Total assets 4,034,775 3,813,552 Debt obligations 2,131,967 1,901,204 Total liabilities 2,240,666 2,009,644 Total shareholders' equity 1,787,885 1,801,343
In the fourth quarter of 2000, iStar Financial generated $237.3 million in new financing commitments in seven separate transactions, representing a diversified mix of senior mortgage loans, corporate lending transactions and corporate tenant leasing investments. The Company also funded an additional $12.0 million under six pre-existing financing commitments and received $157.8 million in loan repayments. Mr. Sugarman stated, "This quarter, we continued to capitalize on the unsettled conditions in the credit markets by originating senior financings and corporate lease transactions at attractive yields, while minimizing our exposure to a weakening economy. Under the leadership of the investment professionals we added in our ACRE Partners acquisition, the corporate tenant investment platform began to hit its stride this quarter. While loan repayments generally occurred earlier than new investment fundings this quarter, we expect this circumstance to reverse in the first half of 2001."
During the quarter, the weighted average first dollar and last dollar loan-to-value ratio on new lending commitments was 48.4% and 56.9%, respectively. This ratio represents the average beginning and ending points for the Company's lending exposure in the aggregate capitalization of the underlying properties it finances. In its corporate leasing business, the Company's new investments this quarter include three transactions with a weighted average lease term of 13.7 years backed by both investment grade and unrated tenant credits.
Mr. Sugarman commented, "Given the current market environment, in the fourth quarter we continued to focus on investments which are either senior in our borrowers' capital structures or secured by diversified corporate credits. Together with our property-specific mezzanine business line, we continue to target borrowers who are willing to demonstrate substantial equity commitments or excess collateral to backstop our capital."
At year-end 2000, first mortgage assets, corporate tenant lease investments and corporate lending assets comprised 30%, 44% and 17% of the Company's asset base, respectively. The weighted average first and last dollar loan-to-value ratio for all structured finance assets (senior and junior loans) was 25.4% and 71.3%, respectively.
Corporate Tenant Leasing
During the fourth quarter of 2000, the Company executed new leases totaling approximately 1.7 million square feet of corporate office and industrial facilities, with a weighted average term of 12.6 years. Mr. Sugarman commented, "Our overriding objective for the corporate tenant lease business is to continue to extend lease maturities in the former TriNet portfolio and complete new long-term lease investments. By capitalizing on inefficiencies in the way corporate credit risk is often mispriced when it takes the form of a long-term real estate lease, iStar Financial seeks to create excess risk adjusted returns from a diversified pool of corporate credits. A key element of this strategy is to look to credit-backed lease streams and other forms of credit enhancement for a majority of our returns, as opposed to relying on real estate residual values at the end of the lease term. This philosophy is consistent with our maintaining the risk/return profile of a conservatively leveraged finance company, and not of a real estate equity investor."
As of December 31, 2000, the weighted average lease term of the Company's corporate tenant leasing portfolio was 8.5 years, up from 5.6 years at December 31, 1999. This portfolio was 96.2% leased at the end of the fourth quarter 2000 (98.6% excluding a vacant facility currently being marketed for sale).
Since January of 2000, iStar Financial has executed 4.9 million square feet of new and renewed leases with an average term of 11.4 years. Of the leases renewed, approximately 35% represented early renewals on leases with more than 12 months remaining on the primary lease term. During the past year, iStar Financial renewed expiring leases at weighted average lease rates approximately 18.1% higher than those in place prior to the renewals. Remaining lease expirations for 2001 and 2002 now total just 2.8% and 4.9%, respectively, of annualized operating lease revenues (1.4% and 2.5% of total revenue, respectively), down from 12.0% and 12.1% at the time of the TriNet acquisition.
During the fourth quarter, the Company continued to make progress on expanding its sources of short-term and long-term capital and extending its debt maturities. iStar Financial expanded an existing $675 million secured warehouse facility to $700 million, increased the range of collateral eligible for inclusion in the facility, and extended its final maturity to March 2005 from March 2001. In addition, subsequent to quarter end, iStar Financial closed an additional $700 million secured revolving credit facility with a major commercial bank. Interest rates under the new facility range from LIBOR + 1.40% to LIBOR + 2.15%, depending upon the collateral contributed to the borrowing base. The new facility accepts a broad range of structured finance assets and has a final maturity of January 2005.
Spencer B. Haber, iStar Financial's executive vice president-finance and chief financial officer, commented, "With $2.4 billion of total credit facilities and a long-term liability structure, we believe we have continued to differentiate iStar Financial in terms of the breadth and depth of our access to attractively-priced capital, as well as our match-funding discipline as to both maturities and interest rates. We go into 2001 with a substantial amount of excess liquidity with which to fuel our investment activities."
Mr. Haber continued, "Our balance sheet also remains highly match funded to minimize interest rate risk. Our corporate policy is to manage our net exposure to short-term interest rate fluctuations such that a 100 basis point change in rates impacts adjusted earnings per share by no more than 2.5%. Based on current match funding in place, a 100 basis point move in short-term interest rates should impact adjusted earnings per share by less than 1.5%."
Subsequent to quarter end, Moody's Investors Service upgraded iStar Financial's credit ratings. Moody's upgraded iStar Financial senior unsecured credit rating to Ba1 from Ba2, and the rating on the Company's perpetual preferred stock to Ba3 from B1. Mr. Haber stated, "We are pleased with the Moody's upgrade, and believe that its favorable ratings action reflects the continuing strength of our business strategy and asset base, and particularly our focus on risk mitigation and disciplined underwriting. We also acknowledge Moody's upgrade, coming as it does, at a time when many other lenders are experiencing deteriorating credit conditions. We view this accomplishment as another step toward our continuing objective of an investment grade corporate credit rating, to which we remain firmly committed."
Mr. Haber added, "Our highest priority for 2001 is to expand iStar Financial's presence within the investment and research communities. We have built a solid foundation as to the diversity of our capital sources, as well as our liquidity and match funding objectives. However, we firmly believe that the successful performance of this business across market cycles has yet to be appropriately reflected in our stock price. As a result, our efforts are concentrated on enhancing investor communications and increasing research coverage. As large owners of iStar Financial's stock, all of iStar Financial's employees consider this undertaking to be of paramount importance."
Credit Risk Management
The Company establishes loss reserves based on a quarterly bottom-up review of each of its structured finance and corporate tenant lease assets, as well as using top-down guidance from industry-wide loss data and market trends. On a quarterly basis, the Company conducts a comprehensive credit review, resulting in an individual risk rating assigned to each asset. Directed by Mr. Sugarman and Timothy O'Connor, iStar Financial's executive vice president and chief operating officer, attendance at the quarterly review sessions is mandatory for each of the Company's professional employees. The quarterly meetings are designed to enable management to evaluate and proactively manage asset-specific credit issues and identify credit trends on a portfolio-wide basis as an "early warning system."
During the risk ratings review, each loan is assigned a risk rating from "one" to "five," with a "one" indicating superior credit quality, a "two" signifying better than average credit quality, "three" as an average rating, a "four" indicating that management time and attention is required, and a "five" denoting a problem asset with potential principal risk to the Company. In addition to the ratings system, the Company maintains a "watch list" of assets which are typically rated "four," but which require highly proactive asset management to preserve their current ratings. Each newly originated asset is typically assigned an initial rating of "three" (or average).
Based upon the Company's fourth quarter 2000 review, the weighted average risk rating of the Company's structured finance assets was 2.50, improved from 2.59 for the quarter ended September 30, 2000. The weighted average risk rating for corporate tenant lease assets at year-end was 2.77. The Company has one loan and one corporate tenant lease asset currently on its "watch list," with a combined book value of $39.5 million as of December 31, 2000. The Company remains comfortable that it has adequate collateral to support its book value in both instances.
At year-end, accumulated loss reserves and depreciation represented approximately 1.54% of the gross book value of the Company's owned receivables (loans and operating leases).
On December 15, 2000, iStar Financial declared a regular quarterly cash dividend of $0.60 per common share for the quarter ended December 31, 2000. This dividend represents a 5.3% increase over the $0.57 per share dividend paid for fourth quarter 1999. The fourth quarter 2000 dividend, which was paid on January 12, 2001 to holders of record as of December 29, 2000, represents approximately 85.7% of basic adjusted earnings per share for the fourth quarter.
The Company's current policy is to annually review its dividend in the first quarter of each fiscal year. The Company expects to review its dividend for a potential increase applicable to the first quarter of 2001.
iStar Financial is the leading publicly traded finance company focused on the commercial real estate industry. The Company provides structured financing to private and corporate owners of real estate nationwide, including senior and junior mortgage debt, corporate and mezzanine lending, and corporate net lease financing. The Company, which is taxed as a real estate investment trust, seeks to deliver superior risk-adjusted returns on equity to shareholders by providing innovative and value-added financing solutions to its customers.
iStar Financial will hold a quarterly earnings conference call at 11:00 a.m. Eastern time today, February 14, 2000. This conference call will be broadcast live over the Internet and can be accessed by all interested parties through iStar Financial's Web site, www.istarfinancial.com, under the "investor information" section. To listen to the live call, please go to the Web site's "investor information" 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 Web site and will remain available for the next sixty days.
(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 Inc.'s expectations include completion of pending investments, continued ability to originate new investments, the availability and cost of capital for future investments, competition within the finance and real estate industries, economic conditions, and other risks detailed from time to time in iStar Financial Inc.'s SEC reports.)
iStar Financial Inc. Consolidated Income Statements (In thousands, except per share amounts) (unaudited)
Three Months Ended Year Ended December 31, December 31, 2000 1999 2000 1999 Revenue: Interest income $70,916 $55,011 $268,011 $209,848 Operating lease income 46,100 30,460 185,956 42,186 Other income 5,290 4,012 17,855 12,763 Total revenue 122,306 89,483 471,822 264,797 Costs and expenses: Interest expense 46,863 29,836 173,891 91,184 Operating costs - corporate tenant lease assets 3,241 2,246 12,809 2,246 Depreciation and amortization 7,939 6,245 34,514 10,340 General and administrative 5,576 3,883 25,706 6,269 Provision for possible credit losses 1,750 1,250 6,500 4,750 Stock option compensation expense 693 412 2,864 412 Cost incurred in acquiring external advisor -- 94,476 -- 94,476 Advisory fees -- 1,579 -- 16,193 Total costs and expenses 66,062 139,927 256,284 225,870 Net income before minority interest 56,244 (50,444) 215,538 38,927 Minority interest (72) (41) (195) (41) Gain on sale of corporate tenant lease assets -- -- 2,948 -- Extraordinary loss - early extinguishment of debt -- -- (705) -- Net income $56,172 ($50,485) $217,586 $38,886 Preferred dividends (9,227) (7,920) (36,908) (23,843) Net income allocable to common shareholders $46,945 ($58,405) $180,678 $15,043 Net income per common share: Basic(A) $0.55 ($0.80) $2.11 $0.25 Diluted $0.54 ($0.80) $2.10 $0.25 Weighted average common shares outstanding: Basic 85,731 73,427 85,441 57,749 Diluted 86,530 73,427 86,151 60,393
(A) For the quarter and year ended December 31, 1999, net income per basic
common share excludes 1% of net income allocable to iStar Financial's class B shares. On November 4, 1999, the class B shares were exchanged for common shares in connection with the Company's acquisition of TriNet and related transactions. As a result, the Company now has a single class of common shares outstanding. iStar Financial Inc. Consolidated Income Statements (In thousands, except per share amounts) (unaudited)
Three Months Ended Year Ended December 31, December 31, 2000 1999 2000 1999 ADJUSTED EARNINGS PER SHARE: Net income $56,172 ($50,485) $217,586 $38,886 Add: Depreciation 7,939 6,414 34,514 11,016 Add: Joint venture depreciation 1,039 365 3,662 365 Add: Amortization 3,900 1,857 13,140 6,121 Add: Cost incurred in acquiring external advisor -- 94,476 -- 94,476 Less: Preferred dividends (9,227) (7,920) (36,908) (23,843) Less: Net income allocable to Class B shares -- (91) -- (826) Less: Gain on sale of corporate tenant lease assets -- -- (2,948) -- Add: Extraordinary loss - early extinguishment of debt -- -- 705 -- Adjusted earnings allocable to common shareholders: Basic $59,823 $44,616 $229,751 $126,195 Diluted $60,056 $45,303 $230,688 $127,798 Adjusted earnings per common share: Basic(A) $0.70 $0.61 $2.69 $2.19 Diluted $0.69 $0.60 $2.67 $2.07 Weighted average common shares outstanding: Basic 85,731 73,427 85,441 57,749 Diluted 86,902 75,348 86,523 61,750
(A) For the quarter and year ended December 31, 1999, net income per basic
common share excludes 1% of net income allocable to iStar Financial's class B shares. On November 4, 1999, the class B shares were exchanged for common shares in connection with the Company's acquisition of TriNet and related transactions. As a result, the Company now has a single class of common shares outstanding. iStar Financial Inc. Consolidated Balance Sheets (In thousands)
As of As of December 31, December 31, 2000 1999 (unaudited) ASSETS Loans and other lending investments, net $2,225,183 $2,003,506 Real estate subject to operating leases, net 1,670,169 1,714,284 Cash and cash equivalents 22,752 34,408 Restricted cash 20,441 10,195 Marketable securities 41 4,344 Accrued interest and operating lease income receivable 20,167 16,211 Deferred operating lease income receivable 10,236 1,147 Other assets 65,786 29,457 Total assets $4,034,775 $3,813,552 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable and other liabilities $52,038 $54,773 Dividends payable 56,661 53,667 Debt obligations: Unsecured senior notes 356,509 353,520 Unsecured revolving credit facilities 173,450 186,700 Secured revolving credit facilities 592,349 762,936 Secured term loans 349,060 559,288 iStar Asset Receivables secured notes 588,334 -- Other debt obligations 72,265 38,760 Total liabilities $2,240,666 $2,009,644 Minority interest 6,224 2,565 Shareholders' equity 1,787,885 1,801,343 Total liabilities and shareholders' equity $4,034,775 $3,813,552 iStar Financial Inc. Supplemental Information (In thousands) (unaudited)
PERFORMANCE STATISTICS Three Months Ended Year Ended Return on Average Book Assets December 31, December 31, 2000 2000 Adjusted Basic Earnings to Common Shareholders $59,823 $229,751 Plus: Preferred Dividends 9,227 36,908 Adjusted Basic Earnings before Preferred Dividends $69,050 $266,659 Adjusted Basic Earnings before Preferred Dividends - Annualized (A) $276,200 $266,659 Average Total Book Assets (B) $4,054,751 $3,924,164 Return on Average Book Assets (A)/(B) 6.8% 6.8% Return on Average Common Book Equity Adjusted Basic Earnings to Common Shareholders $59,823 $229,751 Adjusted Basic Earnings to Common - Annualized (C) $239,292 $229,751 Average Total Book Equity $1,815,882 $1,794,614 Less: Book Value of Preferred Equity (382,000) (382,000) Average Common Book Equity (D) $1,433,882 $1,412,614 Return on Average Common Book Equity(C)/(D) 16.7% 16.3% Efficiency Ratio General & Administrative Expenses $5,576 $25,706 Plus: Stock Option Compensation Expense 693 2,864 Total Corporate Overhead (E) $6,269 $28,570 Total Revenue (F) $122,306 $471,822 Efficiency Ratio (E)/(F) 5.1% 6.1% CREDIT STATISTICS As of Book Debt/Equity December 31, 2000 Book Debt (A) $2,131,967 Total Book Equity (B) 1,787,885 Book Debt/Book Equity (A)/(B) 1.2x iStar Financial Inc. Supplemental Information (In thousands) (unaudited) CREDIT STATISTICS Three Months Ended Year Ended December 31, 2000 December 31, 2000 Interest Coverage EBITDA(a) (A) $111,046 $423,943 GAAP Interest Expense (B) $46,863 $173,891 EBITDA/GAAP Interest Expense (A)/(B) 2.4x 2.4x Fixed Charge Coverage EBITDA(a) (C) $111,046 $423,943 GAAP Interest Expense $46,863 $173,891 Plus: Preferred Dividends 9,227 36,908 Total Fixed Charges (D) $56,090 $210,799 EBITDA/Fixed Charges (C)/(D) 2.0x 2.0x FINANCING VOLUME SUMMARY STATISTICS Three Months Ended LOAN ORIGINATIONS December 31, 2000 Total/ Floating Weighted CORPORATE Fixed Rate Rate Average(b) LEASING Amount Committed $15,000 $98,374 $113,374 $123,932 Amount Funded $15,000 $60,000 $75,000 $42,305 Weighted Average GAAP Yield 19.18% 12.86% 13.70% 10.14% Weighted Average All-In Spread/Margin (basis points)(c) +1,329 +621 -- +456 First $ Loan-to-Value Ratio 26.3% 51.7% 48.4% -- Last $ Loan-to-Value Ratio 37.7% 59.8% 56.9% -- Year Ended December 31, 2000 LOAN ORIGINATIONS Total/ Floating Weighted CORPORATE Fixed Rate Rate Average(b) LEASING Amount Committed $275,330 $464,475 $739,805 $222,246 Amount Funded $270,330 $400,930 $671,260 $128,797 Weighted Average GAAP Yield 12.81% 74% 12.14% 11.47% Weighted Average All-In Spread/Margin (basis points)(c) +674 +533 -- +547 First $ Loan-to-Value Ratio 32.7% 24.9% 27.8% -- Last $ Loan-to-Value Ratio 75.3% 57.1% 63.9% --
(a) EBITDA is calculated as total revenue minus the sum of general and
administrative expenses, provision for possible credit losses, stock option compensation expense and operating costs on corporate tenant lease assets.
(b) Weighted average based on amount committed.
(c) Based on average quarterly one-month LIBOR (floating rate loans) and
U.S. Treasury rates (fixed rate loans) during the quarter.
iStar Financial Inc. Supplemental Information (as of and for the three-month period ended December 31, 2000) (In thousands) (unaudited) UNFUNDED COMMITMENTS As of December 31, 2000 Number of Loans with Unfunded Commitments 9 Discretionary Commitments $83,518 Non-Discretionary Commitments 67,570 Total Unfunded Commitments $151,088 Estimated Weighted Average Funding Period Approximately 2 years iStar Financial Inc. Supplemental Information (as of and for the three-month period ended December 31, 2000) (In thousands) (unaudited)
PORTFOLIO STATISTICS AS OF DECEMBER 31, 2000 (A) Security Type $ % First Mortgages $1,191 30.1% Second Mortgages 340 8.6% Corporate/Partnership Loans/Other 688 17.4% Corporate Tenant Leases 1,737 43.9% Total $3,956 100.0% Collateral Type $ % Office $1,919 48.5% Industrial/R&D 402 10.2% Retail 115 2.9% Hotel 798 20.2% Mixed Use 146 3.7% Apartment/Residential 270 6.8% Homebuilder/Land 128 3.2% Resort/Entertainment 178 4.5% Total $3,956 100.0% Product Line $ % Structured Finance $948 24.0% Portfolio Finance 371 9.4% Loan Acquisition 479 12.1% Corporate Lending 421 10.6% Corporate Tenant Leasing 1,737 43.9% Total $3,956 100.0% Collateral Location $ % West $1,251 31.6% Southwest 100 2.5% South 644 16.3% Central 277 7.0% North Central 71 1.8% Northeast 678 17.1% Mid-Atlantic 361 9.1% Southeast 395 10.0% Northwest 179 4.6% Total $3,956 100.0%
(A) Figures presented prior to loan loss reserves and accumulated
depreciation. SOURCE iStar Financial Inc.
CONTACT: Spencer B. Haber, Exec. Vice President and CFO, or Lianne A. Merchant, Vice President, Investor Relations, both of iStar Financial Inc., 212-930-9400/
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