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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________
FORM 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to            
Commission File No. 1-15371
_______________________________________________________________________________
iStar Inc.
(Exact name of registrant as specified in its charter)
Maryland
 
95-6881527
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
1114 Avenue of the Americas, 39th Floor
 
 
New York
,
NY
 
10036
(Address of principal executive offices)
 
(Zip code)
Registrant's telephone number, including area code: (212930-9400
_______________________________________________________________________________
Indicate by check mark whether the registrant: (i) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports); and (ii) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
 
Accelerated 
Filer 
 
Non‑accelerated Filer 

 
Smaller Reporting Company 
 
Emerging Growth Company 
 

 

 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes     No 



Table of Contents

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock,
$0.001 par value
 
STAR
 
New York Stock Exchange
8.00% Series D Cumulative Redeemable Preferred Stock,
$0.001 par value
 
STAR-PD
 
New York Stock Exchange
7.65% Series G Cumulative Redeemable Preferred Stock,
$0.001 par value
 
STAR-PG
 
New York Stock Exchange
7.50% Series I Cumulative Redeemable Preferred Stock,
$0.001 par value
 
STAR-PI
 
New York Stock Exchange
As of July 31, 2019, there were 62,166,290 shares, $0.001 par value per share, of iStar Inc. common stock outstanding.
 


Table of Contents

TABLE OF CONTENTS

 
 
Page
 
 
 
 
 

 
 
 



Table of Contents

PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1.    Financial Statements
iStar Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(unaudited)
 
As of
 
June 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Real estate
 
 
 
Real estate, at cost
$
1,640,816

 
$
2,076,333

Less: accumulated depreciation
(219,214
)
 
(305,314
)
Real estate, net
1,421,602

 
1,771,019

Real estate available and held for sale
12,770

 
22,551

Total real estate
1,434,372

 
1,793,570

Net investment in leases
421,842

 

Land and development, net
668,656

 
598,218

Loans receivable and other lending investments, net
902,146

 
988,224

Other investments
564,170

 
304,275

Cash and cash equivalents
330,099

 
931,751

Accrued interest and operating lease income receivable, net
9,079

 
10,669

Deferred operating lease income receivable, net
49,111

 
98,302

Deferred expenses and other assets, net
386,552

 
289,268

Total assets
$
4,766,027

 
$
5,014,277

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Accounts payable, accrued expenses and other liabilities
$
345,641

 
$
316,251

Liabilities associated with properties held for sale
685

 
2,341

Loan participations payable, net
29,948

 
22,484

Debt obligations, net
3,068,556

 
3,609,086

Total liabilities
3,444,830

 
3,950,162

Commitments and contingencies (refer to Note 12)


 


Equity:
 
 
 
iStar Inc. shareholders' equity:
 
 
 
Preferred Stock Series D, G and I, liquidation preference $25.00 per share (refer to Note 14)
12

 
12

Convertible Preferred Stock Series J, liquidation preference $50.00 per share (refer to Note 14)
4

 
4

Common Stock, $0.001 par value, 200,000 shares authorized, 62,202 and 68,085 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
62

 
68

Additional paid-in capital
3,297,303

 
3,352,225

Accumulated deficit
(2,139,611
)
 
(2,472,061
)
Accumulated other comprehensive loss (refer to Note 14)
(34,137
)
 
(17,270
)
Total iStar Inc. shareholders' equity
1,123,633

 
862,978

Noncontrolling interests
197,564

 
201,137

Total equity
1,321,197

 
1,064,115

Total liabilities and equity
$
4,766,027

 
$
5,014,277

_______________________________________________________________________________
Note - Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").
The accompanying notes are an integral part of the consolidated financial statements.

1

Table of Contents

iStar Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Operating lease income
$
55,185

 
$
44,609

 
$
114,100

 
$
90,407

Interest income
20,341

 
25,212

 
40,716

 
51,909

Interest income from sales-type leases
3,817

 

 
3,817

 

Other income
10,050

 
20,823

 
24,863

 
36,142

Land development revenue
9,075

 
80,927

 
21,774

 
357,356

Total revenues
98,468

 
171,571

 
205,270

 
535,814

Costs and expenses:
 
 
 
 
 
 
 
Interest expense
43,752

 
43,172

 
90,329

 
88,353

Real estate expense
22,038

 
37,043

 
47,978

 
73,224

Land development cost of sales
9,236

 
83,361

 
23,684

 
306,768

Depreciation and amortization
13,718

 
10,767

 
29,386

 
21,878

General and administrative
27,303

 
23,228

 
48,402

 
52,041

Provision for loan losses
110

 
18,892

 
13

 
18,037

Impairment of assets
1,102

 
6,088

 
4,953

 
10,188

Other expense
11,883

 
3,716

 
12,391

 
4,882

Total costs and expenses
129,142

 
226,267

 
257,136

 
575,371

Income from sales of real estate
220,523

 
56,895

 
229,930

 
73,943

Income from operations before earnings from equity method investments and other items
189,849

 
2,199

 
178,064

 
34,386

Loss on early extinguishment of debt, net

 
(2,164
)
 
(468
)
 
(2,536
)
Earnings (losses) from equity method investments
3,640

 
(7,278
)
 
8,949

 
(3,946
)
Selling profit from sales-type leases
180,416

 

 
180,416

 

Gain on consolidation of equity method investment

 
67,877

 

 
67,877

Net income before income taxes
373,905

 
60,634

 
366,961

 
95,781

Income tax expense
(214
)
 
(128
)
 
(240
)
 
(249
)
Net income
373,691

 
60,506

 
366,721

 
95,532

Net (income) attributable to noncontrolling interests
(2,852
)
 
(9,509
)
 
(5,323
)
 
(9,604
)
Net income attributable to iStar Inc. 
370,839

 
50,997

 
361,398

 
85,928

Preferred dividends
(8,124
)
 
(8,124
)
 
(16,248
)
 
(16,248
)
Net income allocable to common shareholders
$
362,715

 
$
42,873

 
$
345,150

 
$
69,680

Per common share data:
 
 
 
 
 
 
 
Net income allocable to common shareholders:
 
 
 
 
 
 
 
Basic
$
5.67

 
$
0.63

 
$
5.24

 
$
1.03

Diluted
$
4.55

 
$
0.54

 
$
4.26

 
$
0.89

Weighted average number of common shares:
 
 
 
 
 
 
 
Basic
64,019

 
67,932

 
65,873

 
67,922

Diluted
80,259

 
83,694

 
82,011

 
83,682





The accompanying notes are an integral part of the consolidated financial statements.

2

Table of Contents

iStar Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(unaudited)
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
373,691

 
$
60,506

 
$
366,721

 
$
95,532

Other comprehensive income (loss):
 
 
 
 
 
 
 
Impact from adoption of new accounting standards

 

 

 
276

Reclassification of losses on cumulative translation adjustment into earnings upon realization(1)

 
721

 

 
721

Reclassification of (gains) losses on cash flow hedges into earnings upon realization(2)
12,736

 
(1,795
)
 
12,743

 
(1,786
)
Unrealized gains (losses) on available-for-sale securities
709

 
15

 
1,709

 
(956
)
Unrealized gains (losses) on cash flow hedges
(20,987
)
 
7

 
(35,999
)
 
2,358

Unrealized losses on cumulative translation adjustment

 
(256
)
 

 
(364
)
Other comprehensive income (loss)
(7,542
)
 
(1,308
)

(21,547
)
 
249

Comprehensive income
366,149

 
59,198

 
345,174

 
95,781

Comprehensive (income) loss attributable to noncontrolling interests
147

 
(9,509
)
 
(643
)
 
(9,604
)
Comprehensive income attributable to iStar Inc. 
$
366,296

 
$
49,689

 
$
344,531

 
$
86,177

_______________________________________________________________________________
(1)
Amounts were reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations.
(2)
Amount reclassified to "Interest expense" in the Company's consolidated statements of operations is $266 and $417 for the three and six months ended June 30, 2019, respectively. Amount reclassified to "Income from sales of real estate" in the Company's consolidated statements of operations is $806 for the three and six months ended June 30, 2019 and amount reclassified to "Gain on consolidation of equity method investment" for the three and six months ended June 30, 2018 is $1,876. Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations are $(9) and $(153) for the three and six months ended June 30, 2019, respectively, and $81 and $90 for the three and six months ended June 30, 2018, respectively. Amounts reclassified to "Other expense" in the Company's consolidated statements of operations are $11,673 for the three and six months ended June 30, 2019 resulting from hedged forecasted transactions becoming not probable to occur.

The accompanying notes are an integral part of the consolidated financial statements.

3


iStar Inc.
Consolidated Statements of Changes in Equity
(In thousands)
(unaudited)


 
 
iStar Inc. Shareholders' Equity
 
 
 
 
 
 
Preferred
Stock(1)
 
Preferred Stock Series J(1)
 
Common
Stock at
Par
 
Additional
Paid-In
Capital
 
Retained
Earnings
(Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Noncontrolling
Interests
 
Total
Equity
Balance as of March 31, 2019
 
$
12

 
$
4

 
$
66

 
$
3,335,719

 
$
(2,495,836
)
 
$
(29,594
)
 
$
199,100

 
$
1,009,471

Dividends declared—preferred
 

 

 

 

 
(8,124
)
 

 

 
(8,124
)
Dividends declared—common ($0.10 per share)
 

 

 

 

 
(6,490
)
 

 

 
(6,490
)
Issuance of stock/restricted stock unit amortization, net
 

 

 

 
756

 

 

 
927

 
1,683

Net income
 

 

 

 

 
370,839

 

 
2,852

 
373,691

Change in accumulated other comprehensive income (loss)
 

 

 

 

 

 
(4,543
)
 
(2,999
)
 
(7,542
)
Repurchase of stock
 

 

 
(4
)
 
(39,172
)
 

 

 

 
(39,176
)
Contributions from noncontrolling interests
 

 

 

 

 

 

 
2,039

 
2,039

Distributions to noncontrolling interests
 

 

 

 

 

 

 
(4,355
)
 
(4,355
)
Balance as of June 30, 2019
 
$
12

 
$
4

 
$
62

 
$
3,297,303

 
$
(2,139,611
)
 
$
(34,137
)
 
$
197,564

 
$
1,321,197

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2018
 
$
12

 
$
4

 
$
68

 
$
3,350,250

 
$
(2,368,164
)
 
$
(925
)
 
$
34,650

 
$
1,015,895

Dividends declared—preferred
 

 

 

 

 
(8,124
)
 

 

 
(8,124
)
Issuance of stock/restricted stock unit amortization, net
 

 

 

 
500

 

 

 

 
500

Net income
 

 

 

 

 
50,997

 

 
9,509

 
60,506

Change in accumulated other comprehensive income (loss)
 

 

 

 

 

 
(1,308
)
 

 
(1,308
)
Distributions to noncontrolling interests
 

 

 

 

 

 

 
(43,174
)
 
(43,174
)
Change in noncontrolling interest attributable to consolidation of equity method investment (refer to Note 8)
 

 

 

 

 

 

 
188,279

 
188,279

Balance as of June 30, 2018
 
$
12

 
$
4

 
$
68

 
$
3,350,750

 
$
(2,325,291
)
 
$
(2,233
)
 
$
189,264

 
$
1,212,574

_______________________________________________________________________________
(1)
Refer to Note 14 for details on the Company's Preferred Stock.


4


iStar Inc.
Consolidated Statements of Changes in Equity
(In thousands)
(unaudited)


 
 
iStar Inc. Shareholders' Equity
 
 
 
 
 
 
Preferred
Stock(1)
 
Preferred Stock Series J(1)
 
Common
Stock at
Par
 
Additional
Paid-In
Capital
 
Retained
Earnings
(Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Noncontrolling
Interests
 
Total
Equity
Balance as of December 31, 2018
 
$
12

 
$
4

 
$
68

 
$
3,352,225

 
$
(2,472,061
)
 
$
(17,270
)
 
$
201,137

 
$
1,064,115

Dividends declared—preferred
 

 

 

 

 
(16,248
)
 

 

 
(16,248
)
Dividends declared—common ($0.19 per share)
 

 

 

 

 
(12,700
)
 

 

 
(12,700
)
Issuance of stock/restricted stock unit amortization, net
 

 

 

 
3,417

 

 

 
1,355

 
4,772

Net income
 

 

 

 

 
361,398

 

 
5,323

 
366,721

Change in accumulated other comprehensive income (loss)
 

 

 

 

 

 
(16,867
)
 
(4,680
)
 
(21,547
)
Repurchase of stock
 

 

 
(6
)
 
(58,339
)
 

 

 

 
(58,345
)
Contributions from noncontrolling interests
 

 

 

 

 

 

 
2,039

 
2,039

Distributions to noncontrolling interests
 

 

 

 

 

 

 
(7,610
)
 
(7,610
)
Balance as of June 30, 2019
 
$
12

 
$
4

 
$
62

 
$
3,297,303

 
$
(2,139,611
)
 
$
(34,137
)
 
$
197,564

 
$
1,321,197

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2017
 
$
12

 
$
4

 
$
68

 
$
3,352,665

 
$
(2,470,564
)
 
$
(2,482
)
 
$
34,546

 
$
914,249

Dividends declared—preferred
 

 

 

 

 
(16,248
)
 

 

 
(16,248
)
Issuance of stock/restricted stock unit amortization, net
 

 

 
1

 
6,388

 

 

 

 
6,389

Net income
 

 

 

 

 
85,928

 

 
9,604

 
95,532

Change in accumulated other comprehensive income (loss)
 

 

 

 

 

 
(27
)
 

 
(27
)
Repurchase of stock