iStar Financial Announces Second Quarter 2010 Results
-- Company completes sale of portfolio comprised of 32 corporate tenant lease assets; recognizes $250.3 million gain associated with transaction; book value increases to $13.72 per common share.
-- Company retires $1.8 billion of debt during the quarter.
-- Adjusted earnings (loss) allocable to common shareholders for the second quarter 2010 was ($83.4) million, or ($0.89) per diluted common share.
-- Net income allocable to common shareholders for the second quarter 2010 was $212.3 million, or $2.27 per diluted common share.
-- Company recorded $109.4 million of loan loss provisions during the quarter versus $89.5 million in the prior quarter.
NEW YORK, Aug. 3 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), a publicly traded finance company focused on the commercial real estate industry, today reported results for the second quarter ended June 30, 2010.
Second Quarter 2010 Results
iStar reported adjusted earnings (loss) allocable to common shareholders for the second quarter of ($83.4) million or ($0.89) per diluted common share, compared with ($250.1) million or ($2.51) per diluted common share for the second quarter 2009. Adjusted earnings (loss) represents net income (loss) computed in accordance with GAAP, adjusted primarily for preferred dividends, depreciation and amortization and gain (loss) from discontinued operations. Adjusted earnings does not include the $250.3 million, or $2.60 per diluted common share, gain associated with the portfolio sale of 32 corporate tenant lease properties completed during the quarter.
Net income (loss) allocable to common shareholders for the second quarter, inclusive of the $250.3 million gain on the CTL portfolio sale, was $212.3 million, or $2.27 per diluted common share, compared to ($284.2) million or ($2.85) per diluted common share for the second quarter 2009. Please see the financial tables that follow the text of this press release for a detailed reconciliation of adjusted earnings (loss) to GAAP net income (loss).
Revenues for the second quarter 2010 were $136.8 million versus $193.1 million for the second quarter 2009. The year-over-year decrease is primarily due to a reduction of interest income resulting from performing loans moving to non-performing status and, to a lesser extent, a smaller asset base resulting from loan repayments and sales.
Net investment income for the second quarter was $129.8 million compared to $275.9 million for the second quarter 2009. The year-over-year decrease is primarily due to decreased net gains on early extinguishment of debt in the quarter, as well as lower interest income as discussed above, offset by lower interest expense and increased earnings from equity method investments. Gains on early extinguishment of debt for the prior year period included $107.9 million of gains associated with the bond exchange completed in the second quarter 2009. Net investment income represents interest income, operating lease income, earnings (loss) from equity method investments and net gain on early extinguishment of debt, less interest expense and operating costs for corporate tenant lease assets.
During the second quarter, the Company completed the sale of a portfolio of 32 corporate tenant lease (CTL) properties resulting in net proceeds of $1.33 billion. In addition, the Company received $508.8 million in gross principal repayments; generated $82.7 million of proceeds from loan sales; $74.0 million of net proceeds from sales of other real estate owned (OREO) assets; and $69.5 million of net proceeds from the sale of four additional corporate tenant lease assets. Of the gross principal repayments and asset sales, $116.3 million was utilized to pay the A-participation interest associated with the Fremont portfolio down to $135.2 million. Additionally during the quarter, the Company funded a total of $131.0 million under pre-existing commitments and provided a $105.6 million mezzanine loan associated with the CTL portfolio sale, of which $25.0 million was repaid subsequent to quarter-end.
The Company’s leverage, calculated as book debt net of unrestricted cash and cash equivalents, divided by the sum of book equity, accumulated depreciation and loan loss reserves, each as determined in accordance with GAAP, was 2.4x at June 30, 2010, down from 2.8x at the end of the prior quarter. The Company’s net finance margin, calculated as the rate of return on assets less the cost of debt, was 1.62% for the quarter, versus 2.23% in the prior quarter.
Capital Markets
As of June 30, 2010, the Company had $531.5 million of unrestricted cash versus $640.9 million at the end of the prior quarter.
During the quarter, the Company retired a total of $1.76 billion of debt. Specifically, the Company repurchased $234.9 million par value of its senior unsecured notes and redeemed a total of $282.3 million par value of its 2011 and 2014 senior secured notes. In addition, the Company repaid a $947.9 million term loan which was collateralized primarily by the portfolio of 32 CTL assets sold during the quarter. Also, the Company repaid $290.8 million of other outstanding indebtedness during the quarter, including its 5.375% Senior Unsecured Notes due April 2010. For the quarter, the Company recorded an aggregate net gain on early extinguishment of debt of $70.1 million.
Risk Management
At June 30, 2010, first mortgages, participations in first mortgages, senior loans and corporate tenant lease investments collectively comprised 77.4% of the Company’s asset base, versus 82.3% in the prior quarter. The Company’s loan portfolio consisted of 70.5% floating rate loans and 29.5% fixed rate loans, with a weighted average maturity of 2.2 years.
At the end of the quarter, the weighted average last dollar loan-to-value ratio for all structured finance assets was 84.0%. The Company’s corporate tenant lease assets were 87.7% leased with a weighted average remaining lease term of 13.0 years. At June 30, 2010, the weighted average risk ratings of the Company’s structured finance and corporate tenant lease assets were 3.90 and 2.76, versus 3.93 and 2.57, respectively, in the prior quarter.
As of June 30, 2010, the Company had 14 loans on its watch list representing $1.03 billion or 13.8% of total managed loans, compared to 12 loans representing $673.9 million or 8.1% of total managed loans in the prior quarter. Assets on the Company’s watch list are all performing loans. Managed loan value represents iStar’s carrying value of loans, gross of specific reserves and the A-participation interest outstanding on Fremont portfolio assets. The Company’s total managed loan value at quarter end was $7.41 billion.
At the end of the second quarter, 63 of the Company’s 195 total loans were on non-performing loan (NPL) status. These loans represent $2.96 billion or 39.9% of total managed loans, compared to 72 loans representing $3.50 billion or 42.3% of total managed loans in the prior quarter. At the end of the quarter, the Company charged-off $87.5 million against its reserve for loan losses related to restructurings, loan sales and repayments.
During the quarter, the Company took title to nine properties that had an aggregate managed loan value of $384.8 million prior to foreclosure. This resulted, at the end of the quarter, in $146.8 million of charge-offs against the Company’s reserve for loan losses. Additionally, the Company recorded $12.2 million of additional impairments on its OREO portfolio.
At the end of the second quarter, the Company held 49 assets, representing a gross book value of $1.53 billion, which had previously served as collateral for certain of its loan assets. Of these assets, $890.9 million were classified as OREO and considered held for sale based on management’s current intention to market and sell the assets in the near term. The remaining $641.5 million were classified as real estate held for investment (REHI) based on management’s current strategy to hold, operate or develop these assets over a longer term.
At the end of the second quarter, the Company recorded $109.4 million in loan loss provisions. At June 30, 2010, loan loss reserves totaled $1.18 billion or 15.9% of total managed loans. This compares to loan loss reserves of $1.31 billion or 15.8% of total managed loans at March 31, 2010.
[Financial Tables to Follow] |
|
* * * |
|
iStar Financial Inc. is a publicly traded finance company focused on the commercial real estate industry. The Company primarily provides custom-tailored investment capital to high-end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, as well as corporate net lease financing and equity. The Company, which is taxed as a real estate investment trust ("REIT"), provides innovative and value added financing solutions to its customers.
iStar Financial will hold a quarterly earnings conference call at 10:00 a.m. ET today, August 3, 2010. 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 Inc.’s expectations include the amount and timing of additional loan loss provisions, the amount and timing of asset sales (including OREO assets), continued increases in NPLs, repayment levels, the Company’s ability to reduce its indebtedness at a discount, the Company’s ability to generate liquidity and to repay indebtedness as it comes due, the Company’s ability to maintain compliance with its debt covenants, economic conditions, the availability of liquidity for commercial real estate transactions and other risks detailed from time to time in iStar Financial Inc.’s SEC reports.)
iStar Financial Inc. |
||||||
Three Months Ended |
Six Months Ended |
|||||
June 30, |
June 30, |
|||||
2010 |
2009 |
2010 |
2009 |
|||
Net investment income (1) |
$129,755 |
$275,862 |
$250,016 |
$514,739 |
||
Other income |
5,962 |
5,557 |
14,253 |
8,064 |
||
Non-interest expense (2) |
(182,703) |
(565,834) |
(334,227) |
(910,083) |
||
Income (loss) from continuing operations |
($46,986) |
($284,415) |
($69,958) |
($387,280) |
||
Income from discontinued operations |
10,877 |
2,442 |
17,704 |
6,618 |
||
Gain from discontinued operations |
265,960 |
- |
265,960 |
11,617 |
||
Net income (loss) |
$229,851 |
($281,973) |
$213,706 |
($369,045) |
||
(1) Includes interest income, operating lease income, earnings (loss) from equity method investments |
||||||
(2) Includes depreciation and amortization, general and administrative expenses, provision for loan |
||||||
iStar Financial Inc. |
||||
As of |
As of |
|||
June 30, 2010 |
December 31, 2009 |
|||
Loans and other lending investments, net |
$6,115,092 |
$7,661,562 |
||
Corporate tenant lease assets, net |
$1,849,423 |
$2,885,896 |
||
Real estate held for investment, net |
$636,239 |
$422,664 |
||
Other real estate owned |
$890,881 |
$839,141 |
||
Total assets |
$10,653,904 |
$12,810,575 |
||
Debt obligations, net |
$8,619,955 |
$10,894,903 |
||
Total liabilities |
$8,802,892 |
$11,147,013 |
||
Total equity |
$1,843,571 |
$1,656,118 |
||
iStar Financial Inc. |
||||||
Three Months Ended |
Six Months Ended |
|||||
June 30, |
June 30, |
|||||
2010 |
2009 |
2010 |
2009 |
|||
REVENUES |
||||||
Interest income |
$86,469 |
$142,181 |
$203,085 |
$319,408 |
||
Operating lease income |
44,365 |
45,351 |
89,264 |
92,429 |
||
Other income |
5,962 |
5,557 |
14,253 |
8,064 |
||
Total revenues |
$136,796 |
$193,089 |
$306,602 |
$419,901 |
||
COSTS AND EXPENSES |
||||||
Interest expense |
$82,313 |
$110,532 |
$169,529 |
$225,162 |
||
Operating costs - corporate tenant lease assets |
2,570 |
3,881 |
6,764 |
8,556 |
||
Depreciation and amortization |
16,726 |
16,034 |
32,867 |
30,910 |
||
General and administrative (1) |
25,114 |
33,691 |
52,330 |
69,314 |
||
Provision for loan losses |
109,359 |
435,016 |
198,828 |
693,112 |
||
Impairment of other assets |
12,195 |
22,232 |
13,209 |
47,563 |
||
Other expense |
19,309 |
58,861 |
36,993 |
69,184 |
||
Total costs and expenses |
$267,586 |
$680,247 |
$510,520 |
$1,143,801 |
||
Income (loss) from continuing operations before other items |
($130,790) |
($487,158) |
($203,918) |
($723,900) |
||
Gain on early extinguishment of debt, net |
70,054 |
200,879 |
108,780 |
355,256 |
||
Earnings (loss) from equity method investments |
13,750 |
1,864 |
25,180 |
(18,636) |
||
Income (loss) from continuing operations |
($46,986) |
($284,415) |
($69,958) |
($387,280) |
||
Income from discontinued operations |
10,877 |
2,442 |
17,704 |
6,618 |
||
Gain from discontinued operations |
265,960 |
- |
265,960 |
11,617 |
||
Net income (loss) |
$229,851 |
($281,973) |
$213,706 |
($369,045) |
||
Net (income) loss attributable to noncontrolling interests |
(544) |
271 |
1 |
1,514 |
||
Net income (loss) attributable to iStar Financial Inc. |
$229,307 |
($281,702) |
$213,707 |
($367,531) |
||
Preferred dividends |
(10,580) |
(10,580) |
(21,160) |
(21,160) |
||
Net income (loss) allocable to common shareholders, |
||||||
HPU holders and Participating Security holders (2) |
$218,727 |
($292,282) |
$192,547 |
($388,691) |
||
(1) For the three months ended June 30, 2010 and 2009, includes $4,984 and $7,500 of stock-based compensation |
||||||
(2) HPU holders are current and former Company employees who purchased high performance common stock units |
||||||
iStar Financial Inc. |
||||||
Three Months Ended |
Six Months Ended |
|||||
June 30, |
June 30, |
|||||
2010 |
2009 |
2010 |
2009 |
|||
EPS INFORMATION FOR COMMON SHARES |
||||||
Income (loss) attributable to iStar Financial Inc. |
||||||
from continuing operations (1) (2) |
||||||
Basic and diluted |
($0.60) |
($2.87) |
($0.94) |
($3.85) |
||
Net income (loss) attributable to iStar Financial Inc. (1) |
||||||
Basic and diluted |
$2.27 |
($2.85) |
$2.00 |
($3.68) |
||
Weighted average shares outstanding |
||||||
Basic and diluted |
93,382 |
99,769 |
93,651 |
102,671 |
||
EPS INFORMATION FOR HPU SHARES |
||||||
Income (loss) attributable to iStar Financial Inc. |
||||||
from continuing operations (1) (2) |
||||||
Basic and diluted |
($114.27) |
($543.53) |
($177.33) |
($729.81) |
||
Net income (loss) attributable to iStar Financial Inc. (1) (3) |
||||||
Basic and diluted |
$430.13 |
($539.00) |
$378.93 |
($697.07) |
||
Weighted average shares outstanding |
||||||
Basic and diluted |
15 |
15 |
15 |
15 |
||
(1) For the three months ended June 30, 2010 and 2009, excludes preferred dividends of $10,580. For the six |
||||||
(2) Income (loss) attributable to iStar Financial Inc. from continuing operations excludes net (income) loss from |
||||||
(3) For the three months ended June 30, 2010 and 2009, net income (loss) allocable to HPU holders was $6,452 |
||||||
iStar Financial Inc. |
||||||
Three Months Ended |
Six Months Ended |
|||||
June 30, |
June 30, |
|||||
2010 |
2009 |
2010 |
2009 |
|||
ADJUSTED EARNINGS (1) |
||||||
Net income (loss) |
$229,851 |
($281,973) |
$213,706 |
($369,045) |
||
Add: Depreciation and amortization |
16,934 |
24,579 |
38,687 |
48,078 |
||
Add: Joint venture depreciation and amortization |
1,848 |
3,506 |
3,731 |
14,194 |
||
Add: Impairment of goodwill and intangible assets |
- |
- |
- |
4,186 |
||
Add: Net (income) loss attributable to noncontrolling interests |
(544) |
271 |
1 |
1,514 |
||
Less: Gain from discontinued operations |
(265,960) |
- |
(265,960) |
(11,617) |
||
Less: Deferred financing amortization |
(57,518) |
6,966 |
(79,905) |
12,126 |
||
Less: Preferred dividends |
(10,580) |
(10,580) |
(21,160) |
(21,160) |
||
Adjusted earnings (loss) allocable to common shareholders, |
||||||
HPU holders and Participating Security holders: |
||||||
Basic and Diluted (2) |
($85,969) |
($257,231) |
($110,900) |
($321,724) |
||
Adjusted earnings (loss) per common share: |
||||||
Basic and Diluted |
($0.89) |
($2.51) |
($1.15) |
($3.05) |
||
Weighted average common shares outstanding: |
||||||
Basic and Diluted |
93,382 |
99,769 |
93,651 |
102,671 |
||
Common shares outstanding at end of period: |
93,382 |
99,618 |
93,382 |
99,618 |
||
(1) Adjusted earnings should be examined in conjunction with net income (loss) as shown in the Consolidated Statements of |
||||||
(2) For the three months ended June 30, 2010 and 2009, adjusted earnings (loss) allocable to HPU holders was ($2,536) |
||||||
iStar Financial Inc. |
||||
As of |
As of |
|||
June 30, 2010 |
December 31, 2009 |
|||
ASSETS |
||||
Loans and other lending investments, net |
$6,115,092 |
$7,661,562 |
||
Corporate tenant lease assets, net |
1,849,423 |
2,885,896 |
||
Other investments |
422,203 |
433,130 |
||
Real estate held for investment, net |
636,239 |
422,664 |
||
Other real estate owned |
890,881 |
839,141 |
||
Assets held for sale |
- |
17,282 |
||
Cash and cash equivalents |
531,520 |
224,632 |
||
Restricted cash |
12,744 |
39,654 |
||
Accrued interest and operating lease income receivable, net |
50,929 |
54,780 |
||
Deferred operating lease income receivable |
65,825 |
122,628 |
||
Deferred expenses and other assets, net |
79,048 |
109,206 |
||
Total assets |
$10,653,904 |
$12,810,575 |
||
LIABILITIES AND EQUITY |
||||
Accounts payable, accrued expenses and other liabilities |
$182,937 |
$252,110 |
||
Debt obligations, net: |
||||
Unsecured senior notes |
3,548,148 |
4,228,908 |
||
Secured senior notes |
437,558 |
856,071 |
||
Unsecured revolving credit facilities |
739,395 |
748,601 |
||
Secured revolving credit facilities |
943,664 |
959,426 |
||
Secured term loans |
2,853,060 |
4,003,786 |
||
Other debt obligations |
98,130 |
98,111 |
||
Total liabilities |
$8,802,892 |
$11,147,013 |
||
Redeemable noncontrolling interests |
7,441 |
7,444 |
||
Total iStar Financial Inc. shareholders' equity |
1,796,969 |
1,605,685 |
||
Noncontrolling interests |
46,602 |
50,433 |
||
Total equity |
1,843,571 |
1,656,118 |
||
Total liabilities and equity |
$10,653,904 |
$12,810,575 |
||
iStar Financial Inc. |
||
As of |
||
PERFORMANCE STATISTICS |
June 30, 2010 |
|
Net Finance Margin |
||
Weighted average GAAP yield on loan and CTL investments |
5.71% |
|
Less: Cost of debt |
4.09% |
|
Net Finance Margin (1) |
1.62% |
|
Return on Average Common Book Equity |
||
Average total book equity |
$1,685,686 |
|
Less: Average book value of preferred equity |
(506,176) |
|
Average common book equity (A) |
$1,179,510 |
|
Net income allocable to common shareholders, HPU holders and |
||
Participating Security holders |
$218,727 |
|
Annualized (2) (B) |
$77,028 |
|
Return on Average Common Book Equity (B) / (A) |
6.5% |
|
Adjusted basic earnings (loss) allocable to common shareholders, HPU holders and |
||
Participating Security holders (3) |
($85,969) |
|
Annualized (C) |
($343,876) |
|
Adjusted Return on Average Common Book Equity (C) / (A) |
Neg |
|
Expense Ratio (4) |
||
General and administrative expenses (D) |
$25,116 |
|
Total revenue (E) |
$164,471 |
|
Expense Ratio (D) / (E) |
15.3% |
|
(1) Weighted average GAAP yield is the annualized sum of interest income and operating lease income, divided |
||
(2) Net income allocable to common shareholders, HPU holders and Participating Security holders on an |
||
(3) Adjusted earnings should be examined in conjunction with net income (loss) as shown in the Consolidated |
||
(4) General and administrative expenses and total revenue exclude adjustments from discontinued operations |
||
iStar Financial Inc. |
||
As of |
||
CREDIT STATISTICS |
June 30, 2010 |
|
Book debt, net of unrestricted cash and cash equivalents (A) |
$8,088,435 |
|
Book equity |
$1,843,571 |
|
Add: Accumulated depreciation and loan loss reserves |
1,524,083 |
|
Sum of book equity, accumulated depreciation and loan loss reserves (B) |
$3,367,654 |
|
Leverage (1) (A) / (B) |
2.4x |
|
Ratio of Earnings to Fixed Charges |
0.4x |
|
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
0.4x |
|
Covenant Calculation of Fixed Charge Coverage Ratio (2) |
2.1x |
|
Interest Coverage |
||
EBITDA (3) (C) |
$346,204 |
|
Interest expense and preferred dividends (D) |
$107,358 |
|
EBITDA / Interest Expense and Preferred Dividends (3) (C) / (D) |
3.2x |
|
RECONCILIATION OF NET INCOME TO EBITDA (3) |
||
Net income (loss) |
$229,851 |
|
Add: Interest expense (4) |
96,778 |
|
Add: Depreciation and amortization (4) |
16,934 |
|
Add: Income taxes |
793 |
|
Add: Joint venture depreciation and amortization |
1,848 |
|
EBITDA (3) |
$346,204 |
|
(1) Leverage is calculated by dividing book debt net of unrestricted cash and cash equivalents by the sum |
||
(2) This measure, which is a trailing twelve-month calculation and excludes the effect of impairment |
||
(3) EBITDA should be examined in conjunction with net income (loss) as shown in the Consolidated |
||
(4) Interest expense and depreciation and amortization exclude adjustments from discontinued operations |
||
iStar Financial Inc. |
||
As of |
||
UNFUNDED COMMITMENTS |
June 30, 2010 |
|
Number of assets with unfunded commitments |
73 |
|
Performance-based commitments |
$218,679 |
|
Discretionary fundings |
251,843 |
|
Strategic investments |
61,022 |
|
Total Unfunded Commitments |
$531,544 |
|
UNENCUMBERED ASSETS / UNSECURED DEBT |
||
Unencumbered assets (A) |
$6,516,292 |
|
Unsecured debt (B) |
$4,424,372 |
|
Unencumbered Assets / Unsecured Debt (A) / (B) |
1.5x |
|
RISK MANAGEMENT STATISTICS |
|||||||
(weighted average risk rating) |
|||||||
2010 |
2009 |
||||||
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
June 30, |
|||
Structured Finance Assets (principal risk) |
3.90 |
3.93 |
3.92 |
3.91 |
3.90 |
||
Corporate Tenant Lease Assets |
2.76 |
2.57 |
2.59 |
2.60 |
2.59 |
||
LOANS AND OTHER LENDING INVESTMENTS CREDIT STATISTICS |
|||||||
As of |
|||||||
June 30, 2010 |
December 31, 2009 |
||||||
Value of non-performing loans (1) / |
|||||||
As a percentage of total managed loans |
$2,956,158 |
39.9 % |
$4,209,255 |
45.3 % |
|||
Reserve for loan losses / |
|||||||
As a percentage of total managed loans |
$1,181,288 |
15.9 % |
$1,417,949 |
15.3 % |
|||
As a percentage of non-performing loans (1) |
40.0 % |
33.7 % |
|||||
(1) Non-performing loans include iStar’s book value and Fremont’s A-participation interest on the associated assets. |
|||||||
iStar Financial Inc. |
|||||||||||||||
PORTFOLIO STATISTICS AS OF JUNE 30, 2010 (1) |
|||||||||||||||
Asset Type |
Total |
% of Total |
|||||||||||||
First Mortgages / Senior Loans |
$6,495 |
57.6% |
|||||||||||||
Corporate Tenant Leases |
2,227 |
19.8% |
|||||||||||||
Other Real Estate Owned |
891 |
7.9% |
|||||||||||||
Mezzanine / Subordinated Debt |
802 |
7.1% |
|||||||||||||
Real Estate Held for Investment |
642 |
5.7% |
|||||||||||||
Other Investments |
211 |
1.9% |
|||||||||||||
Total |
$11,268 |
100.0% |
|||||||||||||
Geography |
Total |
% of Total |
|||||||||||||
West |
$2,442 |
21.7% |
|||||||||||||
Southeast |
2,083 |
18.5% |
|||||||||||||
Northeast |
1,817 |
16.1% |
|||||||||||||
Mid-Atlantic |
1,050 |
9.3% |
|||||||||||||
Southwest |
934 |
8.3% |
|||||||||||||
Various |
742 |
6.6% |
|||||||||||||
Central |
647 |
5.7% |
|||||||||||||
International |
531 |
4.7% |
|||||||||||||
South |
367 |
3.3% |
|||||||||||||
Northwest |
346 |
3.1% |
|||||||||||||
Northcentral |
309 |
2.7% |
|||||||||||||
Total |
$11,268 |
100.0% |
|||||||||||||
Property Type |
Performing |
CTLs |
NPLs |
OREO |
REHI |
Total |
% of Total |
||||||||
Condo: |
|||||||||||||||
Construction - Completed |
$716 |
$- |
$554 |
$395 |
$- |
$1,665 |
14.8% |
||||||||
Construction - In Progress |
568 |
- |
168 |
21 |
- |
757 |
6.7% |
||||||||
Conversion |
91 |
- |
37 |
113 |
- |
241 |
2.1% |
||||||||
Subtotal Condo |
1,375 |
- |
759 |
529 |
- |
2,663 |
23.6% |
||||||||
Land |
431 |
59 |
848 |
111 |
454 |
1,903 |
16.9% |
||||||||
Retail |
608 |
184 |
312 |
46 |
9 |
1,159 |
10.3% |
||||||||
Office |
246 |
638 |
53 |
- |
7 |
944 |
8.4% |
||||||||
Entertainment / Leisure |
158 |
483 |
268 |
- |
- |
909 |
8.1% |
||||||||
Industrial / R&D |
208 |
618 |
27 |
5 |
50 |
908 |
8.1% |
||||||||
Hotel |
364 |
184 |
89 |
50 |
70 |
757 |
6.7% |
||||||||
Mixed Use / Mixed Collateral |
206 |
40 |
316 |
69 |
22 |
653 |
5.8% |
||||||||
Corporate - Real Estate |
366 |
- |
166 |
- |
- |
532 |
4.7% |
||||||||
Other (2) |
499 |
21 |
2 |
- |
- |
522 |
4.6% |
||||||||
Multifamily |
166 |
- |
41 |
81 |
30 |
318 |
2.8% |
||||||||
Total |
$4,627 |
$2,227 |
$2,881 |
$891 |
$642 |
$11,268 |
100.0% |
||||||||
(1) Based on carrying value of the Company's total investment portfolio, gross of loan loss reserves and accumulated depreciation. |
|||||||||||||||
(2) Performing loans and other includes $211 million of other investments. |
|||||||||||||||
SOURCE iStar Financial Inc.
Share this article