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08/04/2016

iStar Announces Second Quarter 2016 Results

Earnings Report

- Net income grew to $0.37 per diluted common share from a loss of $(0.36) in the second quarter of last year.
- Adjusted income grew to $0.56 per diluted common share from $0.11 in the second quarter of last year.
- Common stock repurchases totaled 3.6 million shares, or 5% of shares outstanding; authorization for additional repurchases increased to $50 million.

NEW YORK, Aug. 4, 2016 /PRNewswire/ -- iStar (NYSE: STAR) today reported results for the second quarter ended June 30, 2016.

Second Quarter 2016 Results

iStar reported net income allocable to common shareholders for the second quarter of $38.1 million, or $0.37 per diluted common share, compared to a loss of $(31.0) million, or $(0.36) per diluted common share for the second quarter 2015.

Adjusted income allocable to common shareholders for the second quarter was $61.1 million, or $0.56 per diluted common share, an increase from $9.1 million, or $0.11 per diluted common share for the second quarter 2015.

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).

Investment Activity

During the quarter, iStar funded a total of $118.0 million associated with new investments, prior financing commitments and ongoing development. In addition, the portfolio generated $461.0 million of repayments and sales over the same period.

Portfolio Overview

At June 30, 2016, the Company's portfolio totaled $4.88 billion, which is gross of $433.2 million of accumulated depreciation and $37.0 million of general loan loss reserves.

Real Estate Finance

iStar's real estate finance business targets sophisticated and innovative investors by providing one-stop capabilities that encompass financial alternatives ranging from full envelope senior loans to large scale mezzanine and preferred equity capital positions.

At June 30, 2016, the Company's real estate finance portfolio totaled $1.61 billion, gross of general loan loss reserves. The portfolio included $1.53 billion of performing loans with a weighted average maturity of 2.2 years.

iStar invested $63.9 million and received $183.1 million of proceeds within its real estate finance portfolio during the quarter. During the quarter, the Company sold, at par, participations in two first mortgage investments totaling $219.0 million of commitments, of which the Company had funded $22.8 million at sale.

Performing Loans Statistics


Q2'16

Q1'16

Q2'15

First mortgages / senior loans

64%

59%

52%

Mezzanine / subordinated debt            

36%

41%

48%

Total

100%

100%

100%





Wtd. avg. LTV

66%

68%

67%

Yield

8.4%

8.5%

8.7%

At June 30, 2016, the Company's non-performing loans (NPLs) had a carrying value of $79.5 million. The Company recorded a $0.7 million provision for loan losses for the quarter.

Net Lease

iStar's net lease business seeks to create stable cash flows through long-term leases to single tenants on its properties. The Company targets corporate customers with mission-critical facilities, offering solutions that combine iStar's capabilities in underwriting, lease structuring, asset management and build-to-suit construction.

At the end of the quarter, iStar's net lease portfolio totaled $1.53 billion, gross of $382.6 million of accumulated depreciation.

Net Lease Statistics


Q2'16

Q1'16

Q2'15

Square feet (mm)

17.348

17.742

18.336

Occupancy

98%

97%

96%

Wtd. avg. lease term (yrs)

14.6

14.6

14.3

Yield

8.2%

7.9%

7.9%

During the quarter, the Company sold net lease assets for proceeds of $20.3 million and recorded gains of $4.3 million.

Operating Properties

At the end of the quarter, iStar's operating property portfolio totaled $537.1 million, gross of $43.8 million of accumulated depreciation, and was comprised of $427.1 million of commercial and $110.0 million of residential real estate properties. During the quarter, the Company invested $17.2 million within its operating properties portfolio and received $231.9 million of proceeds from sales, recognizing $60.5 million of gains net of non-controlling interest.

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 $24.4 million of revenue offset by $18.6 million of expenses during the quarter. iStar generally seeks to reposition these assets with the objective of maximizing their values through the infusion of capital and/or intensive asset management efforts resulting in value realization upon sale.

During the quarter, the Company sold two commercial operating properties for $153.1 million of proceeds, recognizing $25.1 million of gains. Over the past twelve months, these properties generated net operating income of $6.6 million. In addition, the Company sold its interest in a venture that held a commercial operating property for $39.8 million and generated $31.5 million of earnings from equity method investments of which $10.1 million is attributable to noncontrolling interests.

"The gains we recognized through this quarter's sales serve as a good example of our maximizing value as we monetize our operating properties," said Jay Sugarman, iStar's Chairman and Chief Executive Officer. "The proceeds generated will allow us to recycle capital into higher return opportunities."

Commercial Operating Property Statistics  


Stabilized Operating  


Transitional Operating  


Total



Q2'16

Q1'16

Q2'15


Q2'16

Q1'16

Q2'15


Q2'16

Q1'16

Q2'15

Gross book value ($mm)  

$ 149.3

$ 140.9

$ 109.0


$ 277.8

$ 429.9

$ 502.1


$ 427.1

$ 570.8

$ 611.1

Occupancy  

86%

85%

88%


63%

66%

57%


73%

73%

67%

Yield  

8.2%

8.5%

9.1%


3.2%

3.5%

2.2%


4.6%

4.7%

3.5%

During the quarter, the Company executed commercial operating property leases covering approximately 115,000 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.

Residential Operating Property Statistics  






$ in millions  


Q2'16  


Q1'16


Q2'15

Condominium units sold

55


19


56

Proceeds

$

38.7


$

19.7


$

40.4

Income

$

14.3


$

5.1


$

16.5

Land & Development

At the end of the quarter, the Company's land & development portfolio totaled $1.14 billion, with eight projects in production, 10 in development and 12 in the pre-development phase. These projects are collectively entitled for approximately 30,000 lots and units.

Land & Development Portfolio Rollforward




$ in millions

Beginning balance (3/31/16)                                


$

1,126.9

Asset sales(1)


(11.8)

Asset transfers in (out)(2)


(8.1)

Capital expenditures


30.8

Other



3.8

Ending balance (6/30/16)


$

1,141.6


(1) Represents gross book value of the assets sold, rather than proceeds
received. Cash proceeds received was $25.1 million.

(2) Assets transferred into land segment or out to another segment.

The Company has recently completed construction on two projects within its land & development portfolio:

One Palm
The Company and its partner completed construction of One Palm, a Class A multifamily rental and hotel development in Sarasota, FL. The project includes 138 rental apartments, which are 100% occupied. In addition, the 139-key hotel has averaged occupancy of 77% since opening. iStar projects a first year cash-on-cash return of 24% on its $10.0 million basis. The Company reclassified the asset as a commercial operating property during the second quarter.

1000 South Clark
The Company and its partner completed construction of 1000 South Clark, a 29-story, 469-unit, luxury multifamily development in downtown Chicago. Tenants began moving into the building in April and 242 leases have been signed with stabilization expected by early next year.

In addition, the Company completed significant phases within two of its land & development assets:

Ford Amphitheater
The Company completed construction of the Ford Amphitheater and adjoining public park at the Coney Island Boardwalk. The venue hosted its first concert at the end of June, and has over 40 events scheduled. Construction work continues at the historic Childs building, which will include 20,000 square feet of bar, restaurant and event space adjacent to the amphitheater. The amphitheater serves as an integral part of the Company's future plans at Coney Island, where it owns an additional four acres of developable land.

The Asbury
The Company celebrated the grand opening of The Asbury, an innovative, 110-key hotel, on Memorial Day weekend, marking the first new hotel to open in Asbury Park, NJ in 50 years. The hotel hosts numerous venues, including several unique bars, a rooftop nightclub, open-air movie theater, gameroom, biergarten and resort-style pool. Mentioned as part of Travel + Leisure's Best Places to Travel in 2016, The Asbury is a key element of the Company's plan to develop its additional 30 acres along the oceanfront at Asbury Park.

Land & Development Statistics  





$ in millions 




Q2'16


Q1'16


Q2'15

Land development revenue


$

27.9

$

14.9

$

6.5

Land development cost of sales


(17.3)

(11.6)

(5.3)

Gross margin


$

10.6

$

3.3

$

1.2

Earnings from land development
equity method investments


2.7

6.7

4.5

Total


$

13.3

$

10.0

$

5.7

"We're pleased to see momentum continue to build within our land & development portfolio as evidenced by the completion of these four high-profile projects and the receipt of $25 million in sales proceeds," said Geoffrey Jervis, iStar's Chief Operating Officer and Chief Financial Officer. "These proceeds will be redeployed into new investments in future periods."

Capital Markets

During the quarter, iStar entered into a new $450 million senior secured credit facility due July 1, 2020.  The new term loan bears interest at a rate of LIBOR plus 4.5% with a 1.0% LIBOR floor and was issued at 99.0% of par. Proceeds from the new facility were used to refinance the $323 million balance of the Company's 7.0% Secured Term Loan due March 2017, partially pay down outstanding borrowings on its Secured Revolving Credit Facility and pay related transaction costs. Outstanding borrowings under the new facility were initially collateralized 1.25x.

Separately, the Company repaid $265 million of unsecured notes due July 1, 2016 during the second quarter using proceeds from its unsecured notes offering completed in March.

The Company's weighted average cost of debt for the second quarter was 5.6%. The Company's leverage was 2.1x at the end of the quarter, within 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.

The Company continued its stock repurchase activity, completing open market purchases during the second quarter of 3.6 million shares for $33.7 million or an average of $9.30 per share. This brings total shares of common stock and common stock equivalents repurchased over the past twelve months to 16.7 million, or 19% of shares outstanding. The Company had 71.9 million shares outstanding at the end of the quarter. During the quarter, the Board of Directors approved an increase in the stock repurchase program to $50.0 million. The repurchase program authorizes the Company to repurchase its common stock from time to time in the open market, through privately negotiated transactions and through one or more trading plans.

At the end of the quarter, iStar had $721.4 million of unrestricted cash and available capacity on its revolving credit facility. The Company expects to maintain larger liquidity balances in anticipation of retiring up to $400.0 million of convertible bonds due in November.

Personnel

During the quarter, the Company welcomed Geoffrey G. Jervis into the newly created role of Chief Operating Officer and Chief Financial Officer. Mr. Jervis brings with him an extensive background in corporate and real estate finance, strategic planning, risk and operations management, and public REIT accounting. Prior to joining iStar, he served as Chief Financial Officer at Stag Industrial, Chief Financial Officer at Blackstone Mortgage Trust and Chief Financial Officer at Capital Trust.

*                                *                                 *

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 will hold a quarterly earnings conference call at 10:00 a.m. ET today, August 4, 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 logo.

 

 

iStar
Consolidated Statements of Operations
(In thousands)
(unaudited)








Three Months
Ended June 30,


Six Months
Ended June 30,



2016


2015


2016


2015

REVENUES









Operating lease income


$

54,518



$

56,152



$

109,455



$

115,291

Interest income


34,400



33,729



67,620



68,625

Other income


10,097



12,761



21,637



23,325

Land development revenue


27,888



6,543



42,835



14,801

Total revenues


$

126,903



$

109,185



$

241,547



$

222,042

COST AND EXPENSES









Interest expense


$

56,047



$

55,824



$

113,068



$

110,456

Real estate expense


35,438



36,355



69,743



75,989

Land development cost of sales


17,262



5,252



28,838



12,142

Depreciation and amortization


14,474



15,516



29,182



34,017

General and administrative(1)


19,665



20,586



42,768



41,340

Provision for loan losses


700



19,151



2,206



23,444

Impairment of assets


3,012



1,674



3,012



1,674

Other expense


3,182



888



3,922



3,011

Total costs and expenses


$

149,780



$

155,246



$

292,739



$

302,073

Income (loss) before other items


$

(22,877)



$

(46,061)



$

(51,192)



$

(80,031)

Income from sales of real estate


43,484



18,355



53,943



39,511

Earnings from equity method investments


39,447



8,785



47,714



15,332

Income tax (expense) benefit


1,190



(811)



1,604



(6,688)

Loss on early extinguishment of debt


(1,457)



(44)



(1,582)



(212)

Net income (loss)


$

59,787



$

(19,776)



$

50,487



$

(32,088)

Net (income) loss attributable to noncontrolling interests

(8,825)



629



(7,883)



2,470

Net income (loss) attributable to iStar


$

50,962



$

(19,147)



$

42,604



$

(29,618)

Preferred dividends


(12,830)



(12,830)



(25,660)



(25,660)

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

(20)



1,027



(11)



1,776

Net income (loss) allocable to common shareholders


$

38,112



$

(30,950)



$

16,933



$

(53,502)





(1) For the three months ended June 30, 2016 and 2015, includes $1,633 and $3,947 of stock-based compensation expense, respectively.  For the six months ended June 30, 2016 and 2015, includes $6,211 and $7,186 of stock-based compensation expense, respectively.

(2) HPU Holders were current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program. On August 13, 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 June 30,


Six Months
Ended June 30,



2016


2015


2016


2015

EPS INFORMATION FOR COMMON SHARES









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





Basic


$

0.52



$

(0.36)



$

0.22



$

(0.63)


Diluted


$

0.37



$

(0.36)



$

0.22



$

(0.63)


Net income (loss)









Basic


$

0.52



$

(0.36)



$

0.22



$

(0.63)


Diluted


$

0.37



$

(0.36)



$

0.22



$

(0.63)


Adjusted income









Basic


$

0.83



$

0.11



$

0.80



$

0.18


Diluted


$

0.56



$

0.11



$

0.59



$

0.18


Weighted average shares outstanding









Basic


73,984



85,541



75,522



85,519


Diluted (for net income per share)


118,510



85,541



104,431



85,519


Diluted (for adjusted income per share)


118,510



114,515



120,066



85,921


Common shares outstanding at end of period


71,891



85,568



71,891



85,568












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

(2) On August 13, 2015, the Company repurchased and retired 100% of the outstanding high performance unit (HPU) shares through an exchange offer.

 

 

iStar
Consolidated Balance Sheets
(In thousands)
(unaudited)







As of


As of



June 30, 2016


December 31, 2015


ASSETS










Real estate





Real estate, at cost

$

1,862,382



$

2,050,541


Less: accumulated depreciation

(426,462)



(456,558)


Real estate, net

$

1,435,920



$

1,593,983


Real estate available and held for sale

126,070



137,274



$

1,561,990



$

1,731,257


Land and development, net

1,046,013



1,001,963


Loans receivable and other lending investments, net

1,568,439



1,601,985


Other investments

228,756



254,172


Cash and cash equivalents

521,363



711,101


Accrued interest and operating lease income receivable, net

13,999



18,436


Deferred operating lease income receivable

95,767



97,421


Deferred expenses and other assets, net

173,070



181,457


Total assets

$

5,209,397



$

5,597,792







LIABILITIES AND EQUITY










Accounts payable, accrued expenses and other liabilities

$

212,826



$

214,835


Loan participations payable, net

186,854



152,086


Debt obligations, net

3,770,643



4,118,823


Total liabilities

$

4,170,323



$

4,485,744






Redeemable noncontrolling interests

$

7,621



$

10,718







Total iStar shareholders' equity

$

985,563



$

1,059,112


Noncontrolling interests

45,890



42,218


Total equity

$

1,031,453



$

1,101,330






Total liabilities and equity

$

5,209,397



$

5,597,792


 

 

iStar
Segment Analysis
(In thousands)
(unaudited)


FOR THE THREE MONTHS ENDED JUNE 30, 2016








Real
Estate
Finance


Net
Lease


Operating Properties


Land & Dev


Corporate
/ Other



Total

Operating lease income

$



$

36,585



$

17,828



$

105



$



$

54,518

Interest income

34,400











34,400

Other income

323



433



7,213



1,167



961



10,097

Land development revenue







27,888





27,888

Earnings from equity method investments



944



31,076



2,688



4,739



39,447

Income from sales of real estate



4,338



39,146







43,484

Total revenue and other earnings

$

34,723



$

42,300



$

95,263



$

31,848



$

5,700



$

209,834

Real estate expense



(4,728)



(20,796)



(9,914)





(35,438)

Land development cost of sales







(17,262)





(17,262)

Other expense

(925)









(2,257)



(3,182)

Allocated interest expense

(14,631)



(16,464)



(5,849)



(8,668)



(10,435)



(56,047)

Allocated general and administrative(1)

(3,786)



(4,313)



(1,638)



(3,327)



(4,968)



(18,032)

Segment profit (loss)

$

15,381



$

16,795



$

66,980



$

(7,323)



$

(11,960)



$

79,873


















(1) Excludes $1,633 of stock-based compensation expense.


















AS OF JUNE 30, 2016













Real
Estate
Finance


Net
Lease


Operating Properties


Land & Dev


Corporate
/ Other


Total

Real estate












Real estate, at cost

$



$

1,464,438



$

397,944



$



$



$

1,862,382

Less: accumulated depreciation



(382,613)



(43,849)







(426,462)

Real estate, net

$



$

1,081,825



$

354,095



$



$



$

1,435,920

Real estate available and held for sale





126,070







126,070

Total real estate

$



$

1,081,825



$

480,165



$



$



$

1,561,990

Land and development, net







1,046,013





1,046,013

Loans receivable and other lending investments, net

1,568,439











1,568,439

Other investments



67,895



13,065



88,874



58,922



228,756

Total portfolio assets

$

1,568,439



$

1,149,720



$

493,230



$

1,134,887



$

58,922



$

4,405,198

Cash and other assets











804,199

Total assets











$

5,209,397

 

 

iStar
Supplemental Information
(In thousands)
(unaudited)








Three Months
Ended June 30,


Six Months
Ended June 30,



2016


2015


2016


2015

ADJUSTED INCOME (1)









Reconciliation of Net Income to Adjusted Income









Net income (loss) allocable to common shareholders


$

38,112



$

(30,950)



$

16,933



$

(53,502)


Add: Depreciation and amortization


17,335



17,293



34,508



37,365


Add: Provision for (recovery of) loan losses


700



19,151



2,206



23,444


Add: Impairment of assets


3,012



1,674



3,927



6,011


Add: Stock-based compensation expense


1,633



3,947



6,211



7,186


Add: Loss on early extinguishment of debt


1,457



44



1,582



212


Less: Losses on charge-offs and dispositions


(1,148)



(689)



(4,563)



(3,196)


Less: HPU/Participating Security allocation


(12)



(1,330)



(28)



(2,283)


Adjusted income allocable to common shareholders


$

61,089



$

9,140



$

60,776



$

15,237
















(1) Adjusted Income 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 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. Effective in the second quarter 2016, we modified our presentation of Adjusted Income to include losses on charge-offs and dispositions of previously impaired or reserved assets to provide a more informative metric for investors to help evaluate our operating performance.

 

 

iStar
Supplemental Information
(In thousands)
(unaudited)




Twelve Months Ended
June 30, 2016

OPERATING STATISTICS




Expense Ratio


General and administrative expenses - trailing twelve months (A)

$

82,705

Average total assets (B)

$

5,523,105

Expense Ratio (A) / (B)

1.5%




As of


June 30, 2016

Leverage


Book debt

$

3,770,643

Less: Cash and cash equivalents

(521,363)

Net book debt (C)

$

3,249,280



Book equity

$

1,031,453

Add: Accumulated depreciation and amortization(1)

479,091

Add: General loan loss reserves

37,000

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

$

1,547,544

Leverage (C) / (D)

2.1x



UNENCUMBERED ASSETS / UNSECURED DEBT




Unencumbered assets (E)(2)

$

4,177,275

Unsecured debt (F)

$

3,069,722

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





June 30, 2016

UNFUNDED COMMITMENTS










Performance-based commitments(1)




$

487,135


Strategic investments




45,902


Discretionary fundings




4,258


Total Unfunded Commitments




$

537,295







LOAN RECEIVABLE CREDIT STATISTICS

As of


June 30, 2016


December 31, 2015







Carrying value of NPLs /






As a percentage of total carrying value of loans

$

79,484


5.3%


$

60,327


3.9%







Total reserve for loan losses /






As a percentage of total gross carrying value of loans(2)

$

110,371


6.8%


$

108,165


6.6%













(1) Excludes $230.9 million of commitments on loan participations sold that are not the obligation of the Company but are consolidated on the Company's balance sheet.

(2) 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 JUNE 30, 2016(1)














Property Type


Real
Estate
Finance


Net Lease


Operating
Properties


Land &
Dev


Total


% of

Total

Land & Development


$

46



$



$



$

1,142



$

1,188



25%

Office / Industrial


161



828



51





1,040



22%

Mixed Use / Collateral


458





192





650



13%

Hotel


350



136



57





543



11%

Entertainment / Leisure




498







498



10%

Condominium


296





110





406



8%

Retail


66



57



127





250



5%

Other Property Types


228



13







241



5%

Strategic Investments










59



1%

Total


$

1,605



$

1,532



$

537



$

1,142



$

4,875



100%














Geography


Real
Estate
Finance


Net Lease


Operating
Properties


Land &
Dev


Total


% of
Total

Northeast


$

907



$

382



$



$

270



$

1,559



32%

West


96



393



48



356



893



18%

Southeast


135



237



204



154



730



15%

Mid-Atlantic


173



139



73



207



592



12%

Southwest


53



159



138



148



498



10%

Central


178



80



60



2



320



7%

Various


63



142



14



5



224



5%

Strategic Investments










59



1%

Total


$

1,605



$

1,532



$

537



$

1,142



$

4,875



100%














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

 

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

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/istar-announces-second-quarter-2016-results-300309155.html

SOURCE iStar

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

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