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05/04/2017

iStar Announces First Quarter 2017 Results and Recent Developments

Earnings Report

Earnings Supplemental

NEW YORK, May 4, 2017 /PRNewswire/ -- iStar (NYSE: STAR) today reported results for the quarter ended March 31, 2017.

Highlights

  • Net income (loss) and adjusted income (loss) for the first quarter was $(0.38) and $(0.16), respectively, per diluted common share.
  • Transactions consummated subsequent to the end of the first quarter are expected to generate an estimated $240 million of income in the second quarter.
  • 2017 full year guidance increased substantially:
    • Target net income per diluted common share raised to a range of $2.15 - $2.65 from prior target of $0.65.
    • Target adjusted income per diluted common share raised to a range of $3.00 - $3.50 from prior target of $1.50.
  • New supplemental earnings report created to accompany release. The supplemental report is available at www.istar.com in the "Investors" section.

First Quarter 2017 Results

iStar reported net income (loss) allocable to common shareholders for the first quarter of  $(27.1) million, or $(0.38) per diluted common share, versus $(21.2) million, or $(0.27) per diluted common share for the first quarter 2016. 

Adjusted income (loss) allocable to common shareholders for the first quarter was $(11.8) million, or $(0.16) per diluted common share, versus $(0.3) million, or $(0.00) per diluted common share for the first quarter 2016.

Adjusted income represents net income (loss) computed in accordance with GAAP, prior to the effects of certain non-cash items. The calculation of adjusted income and reconciliation to GAAP net income is presented in the financial tables that follow the text of this press release.

Recent Developments

The Company formed a new vehicle, Safety, Income and Growth, Inc. (Safety), to pursue the separate capitalization of iStar's ground net lease (GNL) business. iStar contributed a portfolio of 12 GNL properties to the vehicle, most of which the Company has owned for over 10 years, with a gross book value of $218 million and a net book value of $156 million at March 31, 2017.

On March 30, Safety entered into a $227 million loan agreement providing for 10-year, non-recourse financing secured by the initial portfolio of assets. iStar retained the $220 million of proceeds which was net of $7.4 million of associated costs, while Safety assumed the debt.

Subsequent to the end of the quarter, third party investors acquired, through a merger and related transactions, a 51% equity interest in Safety for $57.5 million in cash, which was paid to iStar.  iStar retains a 49% interest in Safety.

As a result of these transactions, iStar received $277 million of net cash proceeds and expects to recognize a gain, net of realized and anticipated costs, of approximately $150 million in the second quarter of 2017.

On April 10, Safety filed an S-11 registration statement with the Securities and Exchange Commission.

Subsequent to the end of the quarter, the Company also received a favorable judgment from the U.S. Court of Appeals for the Fourth Circuit, affirming a prior district court judgment relating to a dispute with Lennar over the purchase and sale of Bevard, a master planned community located in Maryland.

On April 21, iStar conveyed the property to Lennar and received $231 million of proceeds comprised of the remaining purchase price of $114 million and $117 million of interest and real estate taxes, net of costs. Lennar simultaneously filed a petition with the Court of Appeals with respect to approximately $30 million of post-judgment interest awarded to the Company. The amount of attorneys' fees and costs to be recovered by the Company are still to be determined. A third party holds a 4.3% participation interest in all proceeds from the judgment. The Company expects to record approximately $90 million of income in the second quarter, which excludes the portion of interest Lennar has contested and any recovery of attorneys' fees and costs awarded.

"We've reached a critical turning point for the Company," explained Jay Sugarman, iStar's chairman and chief executive officer. "We've spent significant time and effort working to unlock value in our portfolio and explore new areas of investment. Recent favorable developments have left us with over $1 billion of available liquidity on hand which gives us the ability to pursue large white space opportunities and deliver attractive risk-adjusted returns to shareholders."

Portfolio Overview and Investment Activity

At March 31, 2017, the Company's portfolio totaled $4.5 billion, which is gross of $426 million of accumulated depreciation and $18 million of general loan loss reserves.

During the first quarter of 2017, the Company invested a total of $111 million associated with new investments, prior financing commitments and ongoing development across its four segments, and generated $246 million of proceeds from repayments and sales.

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 custom-tailored mezzanine and preferred equity capital positions.

At March 31, 2017, the Company's real estate finance portfolio totaled $1.4 billion. The portfolio is categorized into iStar 3.0 loans, made post January 1, 2008, and legacy loans, which were all made prior to December 31, 2007.

Real Estate Finance Statistics



iStar 3.0


Legacy Loans





Gross book value

$

1,176


$

223

% of total loan portfolio

84%


16%









Performing loans

$

1,176


$

34

Non-performing loans

$


$

190

% Performing / Non-performing

100% / 0%


15% / 85%









First mortgages / senior loans

71%


30%

Mezzanine / subordinated debt

29%


70%

Total

100%


100%





Wtd. avg. LTV (1)

62.6%


44.7%

Unlevered yield (1)

9.2%


8.6%

Wtd. avg. maturity (years) (1)

1.9


2.7





Note: Gross book value represents the carrying value of iStar's loans, gross of general reserves.


(1) Includes performing loans only.

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 mission-critical facilities leased on a long-term basis to tenants, offering structured 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 $1.5 billion, gross of $370 million of accumulated depreciation. The portfolio was comprised of $1.4 billion of wholly-owned assets and a $92 million equity investment in its net lease joint venture.

Since 2014, the Company has invested in new net lease investments primarily through its net lease joint venture with a sovereign wealth fund, in which it holds a 52% interest. At the end of the quarter, the venture's balance sheet, gross of $21 million of accumulated depreciation, included $537 million of assets, $316 million of liabilities and $198 million of equity (net of a $23 million non-controlling interest).

The overall net lease portfolio totaled 17 million square feet across 33 states. Occupancy for the portfolio was 99% at the end of the quarter, with a weighted average remaining lease term of 14.8 years. The net lease portfolio generated an unleveraged yield of 8.4% for the quarter.

Operating Properties

At the end of the quarter, iStar's operating property portfolio totaled $603 million, gross of $50 million of accumulated depreciation, and was comprised of $531 million of commercial and $72 million of residential real estate properties. During the quarter, the Company invested $7.3 million within its operating properties portfolio and received $11.7 million of proceeds from sales. These sales generated $1.9 million of gains.

Commercial Operating Properties

The Company's commercial operating properties represent a diverse pool of assets across a broad range of geographies and collateral types including office, retail and hotel properties. These properties generated $26.7 million of revenue offset by $19.8 million of operating expenses during the quarter. At the end of the first quarter, the Company had $339 million of stabilized assets and $192 million of transitional assets. iStar generally seeks to reposition transitional assets with the objective of maximizing their values through the infusion of capital and intensive asset management efforts.

Residential Operating Properties

At the end of the quarter, the $72 million residential operating portfolio was comprised of 41 units generally located within luxury projects in major U.S. cities. The Company sold  7 units during the quarter, generating $10.2 million of proceeds and a $1.9 million gain.

Land & Development

At the end of the quarter, the Company's land & development portfolio totaled $1.0 billion, including 9 master planned communities,  6 waterfront projects and 15 urban/infill developments. These projects are collectively entitled for approximately 15,000 lots and units.

For the quarter, the Company's land and development portfolio generated $20.0 million of revenues, offset by $15.9 million of cost of sales. In addition, the Company earned $3.8 million of earnings from land development equity method investments.  During the quarter, the Company invested $29.4 million in its land portfolio.

Capital Markets and Balance Sheet

The Company is capitalized with unsecured and secured debt, preferred equity and common equity. The chart below shows the capital structure of the Company at quarter end, as well as pro forma for several transactions that occurred subsequent to the end of the quarter, including repayment of $275 million of 9.0% unsecured notes, the third party acquisition of a 51% interest in Safety, Income and Growth, Inc. and the resolution of the Bevard litigation.

Capital Structure

$ in millions


At March 31, 2017

Pro Forma (1)

Secured debt

$959

$739

Unsecured debt

$2,923

$2,649

Total debt

$3,882

$3,388




Preferred equity (A) (2)

$745

$745

Common equity (B)

$246

$494

Total equity

$991

$1,239




Accumulated depreciation and amortization and general loan loss reserves (3) (C)

$496

$434




Adjusted common equity (B) + (C)

$742

$928

Adjusted total equity (A) + (B) + (C)

$1,487

$1,673




(1) Pro forma for the repayment of $275 million of 9.0% unsecured notes as well as the transactions described above under the heading "Recent Developments," including the third party acquisition of a 51% interest in Safety, Income and Growth, Inc. and the resolution of the Bevard litigation.
(2) Represents liquidation preference value.
(3) Accumulated depreciation and amortization includes iStar's proportionate share of accumulated depreciation and amortization relating to equity method investments.

As previously announced, during the first quarter the Company repriced its $500 million senior secured credit facility. The credit facility was repriced at par and bears interest at an annual rate of LIBOR + 3.75% with a 1.00% LIBOR floor, a 75 basis point reduction from the prior rate of LIBOR + 4.50% with a 1.00% LIBOR floor. Call protection was extended for six months. All other terms of the facility, including its July 2020 maturity and 1.25x required collateral coverage, remained the same.

In addition, during the quarter the Company issued $375 million of 6.0% Senior Unsecured Notes due April 2022. The Company used proceeds from the offering to repay its $100 million 5.85% Senior Unsecured notes at maturity, and in April the Company repaid its $275 million 9.0% Senior Unsecured Notes due June 2017.

The Company allowed its $170 million delayed draw secured term loan, which it arranged during the fourth quarter, to expire. The facility was collateralized by the 12 GNLs that serve as Safety's initial portfolio. As previously mentioned, the Company replaced the facility with $227 million of secured debt raised during the first quarter collateralized by the same pool of assets. Both the debt and assets were assumed by the Safety venture.

The Company's weighted average cost of debt for the first quarter was 5.9%. The Company's leverage was 2.0x at the end of the quarter, below the Company's targeted range of 2.0x - 2.5x. The chart below shows the calculation of the Company's leverage, as well as pro forma for several transactions that occurred subsequent to the end of the quarter, including repayment of $275 million of 9.0% unsecured notes, the third party acquisition of a 51% interest in Safety, Income and Growth, Inc. and the resolution of the Bevard litigation.

Leverage

$ in millions


At March 31, 2017

Pro Forma (1)

Book debt

$

3,882

$

3,388

Less: Cash and cash equivalents

(897)

(932)

Net book debt (A)

$

2,985

$

2,456




Book equity (2)

$

991

$

1,239

Add: Accumulated depreciation and amortization (3)

478

416

Add: General loan loss reserves

18

18

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

$

1,487

$

1,673




Leverage (A) / (B)

2.0x

1.5x







(1) Pro forma for the repayment of $275 million of 9.0% unsecured notes as well as the transactions described above under the heading "Recent Developments," including the third party acquisition of a 51% interest in Safety, Income and Growth, Inc. and the resolution of the Bevard litigation. Pro forma cash represents actual cash as of May 3, 2017.
(2) Includes preferred equity.  
(3) Accumulated depreciation and amortization includes iStar's proportionate share of accumulated depreciation and amortization relating to equity method investments.

Liquidity

At the end of the quarter, iStar had unrestricted cash and capacity on its revolving credit facility of $1.1 billion.

Liquidity



$ in millions


At March 31, 2017

At May 3, 2017

Unrestricted cash

$897

$932

Revolving credit facility capacity

$236

$236

Total liquidity

$1,133

$1,168

Earnings Guidance

In light of the transactions described above under "Recent Developments," iStar is increasing its target net income and adjusted income guidance for the fiscal year 2017.  iStar expects:

  • Target net income per diluted common share range increased to $2.15 - $2.65 as compared to prior target guidance of $0.65.
  • Target adjusted income per diluted common share range increased to $3.00 - $3.50 as compared to prior target guidance of $1.50.

This guidance assumes, among other things, that general macro economic conditions continue to remain favorable. Please see the financial tables that follow the text of this press release for a reconciliation from GAAP net income guidance to adjusted income guidance.

Annual Meeting

The Company will host its Annual Meeting of Shareholders at the Harvard Club of New York City, located at 35 West 44th Street, New York, New York 10036 on Tuesday, May 16, 2017 at 9:00 a.m. ET. All shareholders are cordially invited to attend.

                              

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

iStar logo. (PRNewsFoto/iStar Financial Inc.)

 

iStar will hold a quarterly earnings conference call at 10:00 a.m. ET today, May 4, 2017. 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 "Investors" section at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those who are not available to listen to the live broadcast, a replay will be available shortly after the call on iStar's website.

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

 

 

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


Three Months
Ended March 31,


2017


2016

REVENUES




Operating lease income

$

52,591


$

54,937

Interest income

29,058


33,219

Other income

11,864


11,541

Land development revenue

20,050


14,947

Total revenues

$

113,563


$

114,644

COST AND EXPENSES


Interest expense

$

51,193


$

57,021

Real estate expense

35,741


34,305

Land development cost of sales

15,910


11,575

Depreciation and amortization

13,067


14,708

General and administrative(1)

25,173


23,102

(Recovery of) provision for loan losses

(4,928)


1,506

Impairment of assets

4,413


Other expense

1,869


740

Total costs and expenses

$

142,438


$

142,957

Income (loss) before other items

$

(28,875)


$

(28,313)

Income from sales of real estate

8,618


10,458

Earnings from equity method investments

5,702


8,267

Income tax benefit (expense)

(607)


414

Loss on early extinguishment of debt

(210)


(125)

Net income (loss)

$

(15,372)


$

(9,299)

Net (income) loss attributable to noncontrolling interests

1,100


942

Net income (loss) attributable to iStar

$

(14,272)


$

(8,357)

Preferred dividends

(12,830)


(12,830)

Net income (loss) allocable to common shareholders

$

(27,102)


$

(21,187)

_____________________________________________

(1) For the three months ended March 31, 2017 and 2016, includes $5,881 and $4,577 of stock-based compensation expense, respectively.

 

 

iStar

Supplemental Information

(In thousands, except per share data)
(unaudited) 

















Three Months
Ended March 31,









2017


2016





ADJUSTED INCOME (1)











Reconciliation of Net Income to Adjusted Income











Net income (loss) allocable to common shareholders




$

(27,102)


$

(21,187)





Add: Depreciation and amortization




15,052


17,172





Add: (Recovery of) provision for loan losses




(4,928)


1,506





Add: Impairment of assets




4,413


915





Add: Stock-based compensation expense




5,881


4,577





Add: Loss on early extinguishment of debt




210


125





Less: Losses on charge-offs and dispositions




(5,316)


(3,416)





Adjusted income allocable to common shareholders




$

(11,790)


$

(308)














(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) 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, the Company modified its 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. Losses on charge-offs and dispositions represents the impact of charge-offs and dispositions realized during the period. These charge-offs and dispositions were taken on assets that were previously impaired for GAAP and reflected in net income but not in Adjusted Income.


 

 

Reconciliation of Adjusted Income per Share Guidance
to Net Income per Share Guidance




For the Year Ending


December 31, 2017

Targeted Net Income per Diluted Common Share Range

$2.15 - $2.65



Add: Depreciation and amortization

$0.67 - $0.71

Add: Other non-cash adjustments

$0.54 - $0.58

Less: Losses on charge-offs and dispositions

($0.36) - ($0.44)



Targeted Adjusted Income per Diluted Common Share Range

$3.00 - $3.50

 

 

iStar
Earnings Per Share Information
(In thousands, except per share data)
(unaudited)



 

Three Months
Ended March 31,


2017


2016

EPS INFORMATION FOR COMMON SHARES


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


Basic

$

(0.38)


$

(0.27)

Diluted

$

(0.38)


$

(0.27)

Net income (loss)


Basic

$

(0.38)


$

(0.27)

Diluted

$

(0.38)


$

(0.27)

Adjusted income


Basic

$

(0.16)


$

Diluted

$

(0.16)


$

Weighted average shares outstanding


Basic

72,065


77,060

Diluted (for net income per share)

72,065


77,060

Diluted (for adjusted income per share)

72,065


77,060

Common shares outstanding at end of period

72,105


75,441



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

 

 

iStar
Consolidated Balance Sheets
(In thousands)
(unaudited)




As of
March 31, 2017


As of
December 31, 2016

ASSETS








Real estate




Real estate, at cost

$

1,896,262


$

1,906,592

Less: accumulated depreciation

(419,671)


(414,840)

Real estate, net

$

1,476,591


$

1,491,752

Real estate available and held for sale

71,934


83,764


$

1,548,525


$

1,575,516

Land and development, net

955,150


945,565

Loans receivable and other lending investments, net

1,381,227


1,450,439

Other investments

197,559


214,406

Cash and cash equivalents

897,487


328,744

Accrued interest and operating lease income receivable, net

12,561


14,775

Deferred operating lease income receivable

97,859


96,420

Deferred expenses and other assets, net

204,148


199,649

Total assets

$

5,294,516


$

4,825,514





LIABILITIES AND EQUITY








Accounts payable, accrued expenses and other liabilities

$

192,040


$

211,570

Loan participations payable, net

182,087


159,321

Debt obligations, net

3,882,395


3,389,908

Total liabilities

$

4,256,522


$

3,760,799





Redeemable noncontrolling interests

$

3,513


$

5,031





Total iStar shareholders' equity

$

991,120


$

1,016,564

Noncontrolling interests

43,361


43,120

Total equity

$

1,034,481


$

1,059,684





Total liabilities and equity

$

5,294,516


$

4,825,514

 

 

iStar

Segment Analysis

(In thousands)

(unaudited)


FOR THE THREE MONTHS ENDED MARCH 31, 2017


Real
Estate
Finance


Net
Lease


Operating
Properties


Land &
Dev


Corporate
/ Other



Total

Operating lease income

$


$

36,496


$

15,989


$

106


$


$

52,591

Interest income

29,058






29,058

Other income

76


506


10,355


386


541


11,864

Land development revenue




20,050



20,050

Earnings from equity method
investments


981


632


3,842


247


5,702

Income from sales of real
estate


6,720


1,898




8,618

Total revenue and other
earnings

$

29,134


$

44,703


$

28,874


$

24,384


$

788


$

127,883

Real estate expense


(4,726)


(21,518)


(9,497)



(35,741)

Land development cost of
sales




(15,910)



(15,910)

Other expense

(605)





(1,264)


(1,869)

Allocated interest expense

(11,888)


(15,783)


(5,606)


(8,118)


(9,798)


(51,193)

Allocated general and
administrative(1)

(3,596)


(4,642)


(1,755)


(3,926)


(5,373)


(19,292)

Segment profit (loss)

$

13,045


$

19,552


$

(5)


$

(13,067)


$

(15,647)


$

3,878











(1) Excludes $5,881 of stock-based compensation expense.






















AS OF MARCH 31, 2017


Real
Estate
Finance


Net
Lease


Operating
Properties


Land &
Dev


Corporate
/ Other



Total

Real estate












Real estate, at cost

$


$

1,368,482


$

527,780


$


$


$

1,896,262

Less: accumulated
depreciation


(370,168)


(49,503)




(419,671)

Real estate, net

$


$

998,314


$

478,277


$


$


$

1,476,591

Real estate available
and held for sale



71,934




71,934

Total real estate

$


$

998,314


$

550,211


$


$


$

1,548,525

Land and development,
net




955,150



955,150

Loans receivable and other
lending investments, net

1,381,227






1,381,227

Other investments


92,024


3,215


69,454


32,866


197,559

Total portfolio assets

$

1,381,227


$

1,090,338


$

553,426


$

1,024,604


$

32,866


$

4,082,461

Cash and other assets






1,212,055

Total assets






$

5,294,516


 

 

iStar

Supplemental Information

(In thousands)

(unaudited)










Twelve Months Ended
March 31, 2017


OPERATING STATISTICS












Expense Ratio





General and administrative expenses - trailing twelve months (A)



$

86,098


Average total assets (B)




$

5,211,924


Expense Ratio (A) / (B)




1.7 %












As of





March 31, 2017

UNENCUMBERED ASSETS / UNSECURED DEBT












Unencumbered assets (C)(1)




$

4,025,124


Unsecured debt (D)




$

2,945,000


Unencumbered Assets / Unsecured Debt (C) / (D)




1.4x







UNFUNDED COMMITMENTS












Performance-based commitments(2)




$

339,735


Strategic investments




45,564


Total Unfunded Commitments




$

385,299








LOAN RECEIVABLE CREDIT STATISTICS

As of


March 31, 2017


December 31, 2016







Carrying value of NPLs /






As a percentage of total carrying value of loans

$

189,812


14.6 %


$

191,696

14.0 %








Total reserve for loan losses /






As a percentage of total gross carrying value of loans(3)

$

79,389


5.8 %


$

85,545

5.9 %












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

(2) Excludes $155.3 million of commitments on loan participations sold that are not the obligation of the Company but are consolidated on the Company's balance sheet.

(3) 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 MARCH 31, 2017(1)














Property Type


Real
Estate
Finance


Net
Lease


Operating
Properties


Land &
Dev


Total


% of
Total

Office / Industrial


$

207



$

748



$

123



$



$

1,078



24

%

Land & Development








1,031



1,031



23

%

Hotel


336



136



103





575



13

%

Entertainment / Leisure




490







490



11

%

Mixed Use / Collateral


298





174





472



10

%

Condominium


315





71





386



8

%

Retail


38



57



132





227



5

%

Other Property Types


206



30







236



5

%

Strategic Investments










33



1

%

Total


$

1,400



$

1,461



$

603



$

1,031



$

4,528



100

%














Geography


Real
Estate Finance


Net
Lease


Operating
Properties


Land &
Dev


Total


% of
Total

Northeast


$

663



$

399



$

47



$

246



$

1,355



30

%

West


90



358



38



367



853



19

%

Southeast


168



251



149



138



706



16

%

Mid-Atlantic


174



154



50



222



600



13

%

Southwest


51



182



242



26



501



11

%

Central


164



68



67



32



331



7

%

Various


90



49



10





149



3

%

Strategic Investments










33



1

%

Total


$

1,400



$

1,461



$

603



$

1,031



$

4,528



100

%


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

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/istar-announces-first-quarter-2017-results-and-recent-developments-300451445.html

SOURCE iStar

Company Contact: 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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