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02/19/2015

iStar Financial Announces Fourth Quarter and Fiscal Year 2014 Results

Earnings Report

- Full year adjusted income allocable to common shareholders grew to $94 million from a $(22) million loss for 2013.
- Quarterly adjusted income allocable to common shareholders was $13 million, versus a $(19) million loss for the fourth quarter of 2013.
- Originated $456 million of investments during the fourth quarter, bringing total new originations for the year to $1.3 billion.

NEW YORK, Feb. 19, 2015 /PRNewswire/ -- iStar Financial Inc. (NYSE: STAR) today reported results for the fourth quarter ended December 31, 2014.

Fourth Quarter 2014 Results

iStar reported adjusted income allocable to common shareholders for the fourth quarter of $13.2 million, or $0.14 per diluted common share, compared to a loss of $(19.1) million, or $(0.23) per diluted common share for the fourth quarter 2013.

Adjusted income represents net income 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 fourth quarter was $(28.4) million, or $(0.33) per diluted common share, compared to a loss of $(57.9) million, or $(0.68) per diluted common share for the fourth quarter 2013.

Fiscal Year 2014 Results

iStar reported adjusted income allocable to common shareholders for the year ended December 31, 2014 of $94.3 million, or $0.88 per diluted common share, compared to a loss of $(21.7) million, or $(0.26) per diluted common share for the year ended December 31, 2013.

"This was a strong year for iStar as we made significant strides on a number of fronts including growing investment volume and generating over $90 million of adjusted income. A significant portion of our $1 billion land portfolio is still under development and therefore largely not yet generating revenues, but as these projects come on-line we expect them to start contributing to our growth," said Jay Sugarman, iStar's chairman and chief executive officer. "While markets remain competitive, we are excited about the potential to create value in each of our four businesses."

Net income (loss) allocable to common shareholders for the year was $(48.8) million, or $(0.57) per diluted common share, compared to a loss of $(155.8) million, or $(1.83) per diluted common share for the year ended December 31, 2013.

Investment Activity

iStar committed to new investments totaling $456.4 million during the fourth quarter, of which it funded $246.4 million. In addition, the Company funded $57.1 million associated with ongoing developments and prior financing commitments. This resulted in total fundings during the quarter of $303.5 million.

"Investment commitments this year reached $1.3 billion, the highest level in a number of years and a testament to our team's creativity and ability to provide our customers and partners with high-touch service and value-added capital," Sugarman continued. "Our focus on serving the high-end of the market allowed us to invest in stand-out properties and with premiere sponsors."

iStar generated $150.6 million of total proceeds from repayments and sales during the fourth quarter, bringing total proceeds generated from the portfolio to $1.1 billion for the year. The Company had $472.1 million of available cash at the end of the quarter.

Portfolio Overview

At December 31, 2014, the Company's portfolio totaled $5.2 billion, which is gross of $468.8 million of accumulated depreciation and $33.5 million of general loan loss reserves.

Real Estate Finance

At December 31, 2014, the Company's real estate finance portfolio totaled $1.41 billion, gross of general loan loss reserves.  The portfolio included $1.35 billion of performing loans with a weighted average last dollar loan-to-value ratio of 70% and a weighted average maturity of 2.7 years. The performing loans include $662.2 million of first mortgages / senior loans and $684.1 million of mezzanine / subordinated debt. The performing loans generated a yield for the quarter of 9.8%. During the quarter, the Company invested $260.6 million and received $58.0 million of proceeds within its real estate finance portfolio.

At December 31, 2014, the Company's non-performing loans (NPLs) had a carrying value of $65.0 million, a reduction from $93.2 million at the end of the third quarter and a 68% reduction from the $203.6 million balance at the beginning of the year. For the fourth quarter, the Company recorded a $5.2 million loan loss provision. At December 31, 2014, loan loss reserves totaled $98.5 million, comprised of $33.5 million of general reserves and $65.0 million of asset specific reserves.

Net Lease

At the end of the quarter, iStar's net lease portfolio totaled $1.68 billion, gross of $364.3 million of accumulated depreciation. During the quarter, the Company invested $4.7 million and received $13.8 million of sales proceeds from its net lease portfolio. The Company recorded a $5.7 million gain associated with net lease properties sold during the quarter.

The Company's net lease portfolio totaled 19 million square feet across 33 states. Occupancy for the portfolio was 95.9% at the end of the quarter, with a weighted average remaining lease term of 11.6 years. The occupied assets generated an unleveraged yield of 8.2% and the total net lease portfolio generated an unleveraged yield of 7.8% for the quarter.

Operating Properties

At the end of the quarter, the Company's operating properties portfolio totaled $900.4 million, gross of $96.2 million of accumulated depreciation, and was comprised of $744.0 million of commercial and $156.4 million of residential real estate properties. During the quarter, the Company invested $15.7 million within its operating properties portfolio.

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 $28.9 million of revenue offset by $22.2 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 $109.4 million of stabilized commercial operating properties that were 88% leased and generated an unleveraged yield of 7.8% for the quarter.

The remaining commercial operating properties were 58% leased and generated an unleveraged yield of 2.5% 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 445,000 square feet.

Residential Operating

At the end of the quarter, the residential operating portfolio was comprised of 332 condominium units, generally located within luxury condominium projects in major U.S. cities. During the quarter, the Company sold 127 condominium units, resulting in $71.2 million of proceeds and recorded $24.3 million of income, offset by $5.0 million of expenses.

Land

At the end of the quarter, the Company's land portfolio totaled $1.08 billion, gross of accumulated depreciation, and was comprised of 11 master planned community projects, 15 urban infill land parcels and six waterfront land parcels located throughout the United States. 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 and hotel units, and select projects include commercial, retail and office uses.

During the quarter, the Company and its co-lenders took title to a pre-development land parcel which previously served as collateral for a loan. In addition, the Company rezoned an existing owned asset for higher and better use as a development opportunity within its land portfolio. Separately, the Company recorded a $12.4 million impairment on the initial phase of one of its land projects due to a change in business strategy which should create value for the project's remaining phases. The Company invested $22.3 million in its land portfolio during the quarter. At December 31, 2014, the Company had six land projects in production, 13 in development and 13 in the pre-development phase. As the Company continues to invest and build value in its land portfolio, it expects to move additional projects into production in the coming year and grow its land revenues.

Capital Markets

During the quarter, the Company repaid $23.7 million on its 2012 Secured Credit Facility, bringing the remaining balance to $358.5 million at December 31, 2014. The facility matures in March 2017.

The Company's weighted average cost of debt for the fourth quarter was 5.5%, down from 5.7% for the fourth quarter of last year. The Company's leverage was 2.0x at December 31, 2014, 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.

"We were very pleased to be able to decrease our interest expense by more than $40 million this year from last year through a combination of a reduction in overall indebtedness and cost of debt capital," said David DiStaso, iStar's chief financial officer. "At the same time, we strengthened our balance sheet this year by refinancing our largest secured debt facility with unsecured bonds, which allowed us to unencumber $2.0 billion of high-quality collateral and end the year with 85% of our debt unsecured."

[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, February 19, 2015. 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.'s SEC reports.

 


iStar Financial Inc.
Consolidated Statements of Operations
(In thousands)
(unaudited)



Three Months
Ended December 31,


Twelve Months
Ended December 31,


2014


2013


2014


2013

REVENUES








Operating lease income

$

59,334


$

59,213


$

243,100


$

234,567

Interest income

28,565


29,430


122,704


108,015

Other income

18,780


12,430


81,033


48,208

Land sales revenue

3,271



15,191


Total revenues

$

109,950


$

101,073


$

462,028


$

390,790

COST AND EXPENSES








Interest expense

$

55,073


$

61,709


$

224,483


$

266,225

Real estate expense

38,937


45,079


163,389


157,441

Land cost of sales

2,812



12,840


Depreciation and amortization

18,414


17,651


73,571


71,266

General and administrative(1)

19,018


25,106


88,806


92,114

Provision for (recovery of) loan losses

5,151


97


(1,714)


5,489

Impairment of assets

12,893


6,328


34,634


12,589

Other expense

1,195


784


5,821


8,050

Total costs and expenses

$

153,493


$

156,754


$

601,830


$

613,174

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

$

(43,543)


$

(55,681)


$

(139,802)


$

(222,384)

Loss on early extinguishment of debt

(416)


(4,908)


(25,369)


(33,190)

Earnings from equity method investments

2,461


7,174


79,309


41,520

Loss on transfer of interest to unconsolidated subsidiary


(7,373)



(7,373)

Income (loss) from continuing operations before income taxes

$

(41,498)


$

(60,788)


$

(85,862)


$

(221,427)

Income tax (expense) benefit

(4,531)


1,283


(3,912)


659

Income (loss) from continuing operations

$

(46,029)


$

(59,505)


$

(89,774)


$

(220,768)

Income (loss) from discontinued operations


(797)



644

Gain (loss) from discontinued operations


(256)



22,233

Income from sales of real estate

28,478


14,566


89,943


86,658

Net income (loss)

$

(17,551)


$

(45,992)


$

169


$

(111,233)

Net (income) loss attributable to noncontrolling interests

1,071


(1,051)


704


(718)

Net income (loss) attributable to iStar Financial Inc.

$

(16,480)


$

(47,043)


$

873


$

(111,951)

Preferred dividends

(12,830)


(12,830)


(51,320)


(49,020)

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

943


1,939


1,630


5,202

Net income (loss) allocable to common shareholders

$

(28,367)


$

(57,934)


$

(48,817)


$

(155,769)





(1) For the three months ended December 31, 2014 and 2013, includes $4,770 and $4,777 of stock-based compensation expense, respectively. For the twelve months ended December 31, 2014 and 2013, includes $13,314 and $19,261 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 non-employee directors who hold 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 December 31,


Twelve Months
Ended December 31,


2014


2013


2014


2013

EPS INFORMATION FOR COMMON SHARES








Income (loss) from continuing operations(1)












Basic

$

(0.33)


$

(0.67)


$

(0.57)


$

(2.09)

Diluted

$

(0.33)


$

(0.67)


$

(0.57)


$

(2.09)

Net income (loss)








Basic

$

(0.33)


$

(0.68)


$

(0.57)


$

(1.83)

Diluted

$

(0.33)


$

(0.68)


$

(0.57)


$

(1.83)

Adjusted income (loss)








Basic

$

0.16


$

(0.23)


$

1.11


$

(0.26)

Diluted

$

0.14


$

(0.23)


$

0.88


$

(0.26)

Weighted average shares outstanding








Basic

85,188


84,617


85,031


84,990

Diluted (for net income per share)

85,188


84,617


85,031


84,990

Diluted (for adjusted income per share)

114,319


84,617


129,790


84,990

Common shares outstanding at end of period

85,191


83,717


85,191


83,717









EPS INFORMATION FOR HPU SHARES








Income (loss) from continuing operations(1)












Basic

$

(62.87)


$

(127.00)


$

(108.67)


$

(396.07)

Diluted

$

(62.87)


$

(127.00)


$

(108.67)


$

(396.07)

Net income (loss)








Basic

$

(62.87)


$

(129.26)


$

(108.67)


$

(346.80)

Diluted

$

(62.87)


$

(129.26)


$

(108.67)


$

(346.80)

Weighted average shares outstanding








Basic

15


15


15


15

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


December 31, 2014


December 31, 2013

ASSETS








Real estate




Real estate, at cost

$

3,145,563


$

3,220,634

Less: accumulated depreciation

(468,849)


(424,453)

Real estate, net

$

2,676,714


$

2,796,181

Real estate available and held for sale

285,982


360,517


$

2,962,696


$

3,156,698

Loans receivable and other lending investments, net

1,377,843


1,370,109

Other investments

338,523


207,209

Cash and cash equivalents

472,061


513,568

Restricted cash

19,283


48,769

Accrued interest and operating lease income receivable, net

16,367


14,941

Deferred operating lease income receivable

98,262


92,737

Deferred expenses and other assets, net

162,502


237,980

Total assets

$

5,447,537


$

5,642,011





LIABILITIES AND EQUITY








Accounts payable, accrued expenses and other liabilities

$

180,902


$

170,831

Debt obligations, net

4,022,684


4,158,125

Total liabilities

$

4,203,586


$

4,328,956





Redeemable noncontrolling interests

$

11,199


$

11,590





Total iStar Financial Inc. shareholders' equity

$

1,181,496


$

1,243,260

Noncontrolling interests

51,256


58,205

Total equity

$

1,232,752


$

1,301,465





Total liabilities and equity

$

5,447,537


$

5,642,011

 

 

iStar Financial Inc.
Segment Analysis
(In thousands)
(unaudited)


FOR THE THREE MONTHS ENDED DECEMBER 31, 2014



Real Estate
Finance


Net
Lease


Operating
Properties


Land


Corporate
/ Other



Total

Operating lease income

$


$

38,432


$

20,700


$

202


$


$

59,334

Interest income

28,565






28,565

Other income

890


131


9,665


2,462


5,632


18,780

Land sales revenues




3,271



3,271

Total revenue

$

29,455


$

38,563


$

30,365


$

5,935


$

5,632


$

109,950

Earnings (loss) from equity method investments


1,763


544


(344)


498


2,461

Income from sales of real estate


6,206


22,272




28,478

Revenue and other earnings

$

29,455


$

46,532


$

53,181


$

5,591


$

6,130


$

140,889

Real estate expense


(5,714)


(27,166)


(6,057)



(38,937)

Land cost of sales




(2,812)



(2,812)

Other (expense) income

773





(1,968)


(1,195)

Allocated interest expense

(12,546)


(17,314)


(8,878)


(7,425)


(8,910)


(55,073)

Allocated general and administrative(1)

(2,288)


(3,144)


(1,718)


(2,331)


(4,767)


(14,248)

Segment profit (loss)

$

15,394


$

20,360


$

15,419


$

(13,034)


$

(9,515)


$

28,624


(1) Excludes $4,770 of stock-based compensation expense.

 

 


iStar Financial Inc.
Segment Analysis
(In thousands)
(unaudited)


FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2014



Real Estate
Finance


Net
Lease


Operating
Properties


Land


Corporate /
Other


Total

Operating lease income

$


$

151,934


$

90,331


$

835


$


$

243,100

Interest income

122,704






122,704

Other income

21,217


4,437


42,000


3,327


10,052


81,033

Land sales revenues




15,191



15,191

Total revenue

$

143,921


$

156,371


$

132,331


$

19,353


$

10,052


$

462,028

Earnings (loss) from equity method investments


3,260


1,669


(630)


75,010


79,309

Income from sales of real estate


6,206


83,737




89,943

Revenue and other earnings

$

143,921


$

165,837


$

217,737


$

18,723


$

85,062


$

631,280

Real estate expense


(22,967)


(113,504)


(26,918)



(163,389)

Land cost of sales




(12,840)



(12,840)

Other expense

(243)





(5,578)


(5,821)

Allocated interest expense

(58,043)


(72,089)


(39,535)


(29,368)


(25,448)


(224,483)

Allocated general and administrative(1)

(13,314)


(16,736)


(9,684)


(13,170)


(22,588)


(75,492)

Segment profit (loss)

$

72,321


$

54,045


$

55,014


$

(63,573)


$

31,448


$

149,255

















(1) Excludes $13,314 of stock-based compensation expense.




AS OF DECEMBER 31, 2014



Real Estate
Finance


Net
Lease


Operating
Properties


Land


Corporate /
Other



Total

Real estate












Real estate, at cost

$


$

1,552,483


$

724,430


$

868,650


$


$

3,145,563

Less: accumulated
depreciation


(364,323)


(96,159)


(8,367)



(468,849)

Real estate, net

$


$

1,188,160


$

628,271


$

860,283


$


$

2,676,714

Real estate available and
held for sale


4,521


162,782


118,679



285,982

Total real estate

$


$

1,192,681


$

791,053


$

978,962


$


$

2,962,696

Loans receivable and other
lending investments, net

1,377,843






1,377,843

Other investments


125,360


13,220


90,559


109,384


338,523

Total portfolio assets

$

1,377,843


$

1,318,041


$

804,273


$

1,069,521


$

109,384


$

4,679,062

Cash and other assets











768,475

Total assets











$

5,447,537

 

 


iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)



Three Months
Ended December 31,


Twelve Months
Ended December 31,


2014


2013


2014


2013

ADJUSTED INCOME








Reconciliation of Net Income to Adjusted Income








Net income (loss) allocable to common shareholders

$

(28,367)


$

(57,934)


$

(48,817)


$

(155,769)

Add: Depreciation and amortization

19,763


17,871


76,287


72,439

Add: Provision for (recovery of) loan losses

5,151


97


(1,714)


5,489

Add: Impairment of assets

12,893


7,172


34,634


14,353

Add: Loss on transfer of interest to unconsolidated subsidiary


7,373



7,373

Add: Stock-based compensation expense

4,770


4,777


13,314


19,261

Add: Loss on early extinguishment of debt

416


2,887


25,369


19,655

Less: HPU/Participating Security allocation

(1,383)


(1,301)


(4,778)


(4,478)

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

$

13,243


$

(19,058)


$

94,295


$

(21,677)



(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 $6 and $844, respectively, for the three months ended December 31, 2013 and $264 and $1,764, respectively, for the twelve months ended December 31, 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 twelve months ended December 31, 2013, loss on early extinguishment of debt excludes the portion of losses paid in cash of $2,021 and $13,535, respectively.

 

 

iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)



Three Months Ended
December 31, 2014

OPERATING STATISTICS




Expense Ratio


General and administrative expenses - annualized (A)

$

76,072

Average total assets (B)

$

5,464,081

Expense Ratio (A) / (B)

1.4%




As of


December 31, 2014

Leverage


Book debt

$

4,022,684

Less: Cash and cash equivalents

(472,061)

Net book debt (C)

$

3,550,623



Book equity

$

1,232,752

Add: Accumulated depreciation and amortization(1)

519,248

Add: General loan loss reserves

33,500

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

$

1,785,500

Leverage (C) / (D)

2.0x



UNENCUMBERED ASSETS / UNSECURED DEBT




Unencumbered assets (E)(2)

$

5,123,109

Unsecured debt (F)

$

3,426,890

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

1.5x



(1) Accumulated depreciation and amortization includes our 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 Financial Inc.
Supplemental Information
(In thousands)
(unaudited)








As of







December 31, 2014

UNFUNDED COMMITMENTS




















Performance-based commitments






$

579,595


Strategic investments






45,714


Discretionary fundings






5,000


Total Unfunded Commitments






$

630,309












LOAN RECEIVABLE CREDIT STATISTICS

As of


December 31, 2014


December 31, 2013











Carrying value of NPLs /










As a percentage of total carrying value of loans

$

65,047


5.5

%


$

203,604


16.6

%











Impaired loan asset specific reserves for loan losses /










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

$

64,990


46.5

%


$

348,004


46.3

%











Total reserve for loan losses /










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

$

98,490


7.6

%


$

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 DECEMBER 31, 2014(1)















Property Type


Real Estate
Finance


Net Lease


Operating
Properties


Land


Total


% of
Total

Office / Industrial


$

159


$

909


$

324


$


$

1,392


26.9

%

Land


33




1,078


1,111


21.4

%

Mixed Use / Mixed Collateral


433



245



678


13.1

%

Entertainment / Leisure



570




570


11.0

%

Hotel


262


136


54



452


8.7

%

Other Property Types


296


10




306


5.9

%

Retail


115


57


121



293


5.7

%

Condominium


113



156



269


5.2

%

Strategic Investments






110


2.1

%

Total


$

1,411


$

1,682


$

900


$

1,078


$

5,181


100.0

%















Geography


Real Estate
Finance


Net Lease


Operating
Properties


Land


Total


% of
Total

Northeast


$

644


$

386


$

144


$

194


$

1,368


26.4

%

West


80


426


96


397


999


19.3

%

Mid-Atlantic


320


143


133


194


790


15.2

%

Southeast


79


255


287


125


746


14.5

%

Southwest


129


234


186


144


693


13.4

%

Central


102


93


52


9


256


4.9

%

Various


27


143


2


15


187


3.6

%

International


30


2




32


0.6

%

Strategic Investments






110


2.1

%

Total


$

1,411


$

1,682


$

900


$

1,078


$

5,181


100.0

%


















(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-financial-announces-fourth-quarter-and-fiscal-year-2014-results-300038384.html

SOURCE iStar Financial Inc.

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

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