EX-99.1 2 star-03312015xprex991.htm EXHIBIT 99.1 STAR-03.31.2015-PR.Ex99.1


Exhibit 99.1
 
 
 
 
iStar Financial Inc.
 
 
1114 Avenue of the Americas
 
 
New York, NY 10036
News Release
 
(212) 930-9400
 
investors@istarfinancial.com
 
 
 
COMPANY CONTACTS
 
NYSE: STAR
 
 
 
David M. DiStaso
 
Jason Fooks
Chief Financial Officer
 
Investor Relations

iStar Financial Announces First Quarter 2015 Results

Adjusted income allocable to common shareholders grew to $9 million, versus a $(6) million loss for the first quarter of 2014.
Originated $274 million of new investments.
Closed on a new $250 million revolving credit facility.
iStar to host an investor presentation on June 10th during NAREIT's REITWeek 2015.

NEW YORK - April 29, 2015 - iStar Financial Inc. (NYSE: STAR) today reported results for the first quarter ended March 31, 2015.

First Quarter 2015 Results

iStar reported adjusted income allocable to common shareholders for the first quarter of $8.5 million, or $0.10 per diluted common share, compared to a loss of $(5.5) million, or $(0.07) per diluted common share for the first quarter 2014.

Adjusted income represents net income computed in accordance with GAAP, prior to the effects of certain non-cash items, primarily including depreciation, loan loss provisions, impairments, stock-based compensation and gain/loss on early extinguishment of debt. Please see the financial tables that follow the text of this press release for the Company’s calculations of adjusted income (loss) as well as reconciliations to GAAP net income (loss).

Net income (loss) allocable to common shareholders for the first quarter was $(22.6) million, or $(0.26) per diluted common share, compared to a loss of $(26.6) million, or $(0.31) per diluted common share for the first quarter 2014.


1



Investment Activity

iStar committed to new investments totaling $274.0 million during the first quarter, of which it funded $163.2 million. In addition, the Company funded $61.5 million associated with ongoing developments and prior financing commitments. This resulted in total fundings during the quarter of $224.7 million.

iStar generated $207.4 million of total proceeds from repayments and sales during the first quarter, ending the quarter with $625.4 million of available cash.

Portfolio Overview

At March 31, 2015, the Company’s portfolio totaled $5.20 billion, which is gross of $452.4 million of accumulated depreciation and $38.0 million of general loan loss reserves.

Real Estate Finance

At March 31, 2015, the Company’s real estate finance portfolio totaled $1.58 billion, gross of general loan loss reserves. The portfolio included $1.51 billion of performing loans with a weighted average maturity of 2.6 years. The performing loans were comprised of $776.5 million of first mortgages / senior loans and $734.5 million of mezzanine / subordinated debt. The performing loans had a weighted average last dollar loan-to-value ratio of 70% and generated a 9.5% yield for the quarter. During the quarter, the Company invested $188.0 million and received $40.6 million of proceeds within its real estate finance portfolio.

At March 31, 2015, the Company’s non-performing loans (NPLs) had a carrying value of $64.8 million. At March 31, 2015, loan loss reserves totaled $102.8 million, comprised of $38.0 million of general reserves and $64.8 million of asset specific reserves.

Net Lease

At the end of the quarter, iStar’s net lease portfolio totaled $1.68 billion, gross of $370.8 million of accumulated depreciation.

The Company’s net lease portfolio totaled 19 million square feet across 33 states. Occupancy for the portfolio was 95.9% at the end of the quarter, with a weighted average remaining lease term of 14.6 years. The occupied assets generated an unleveraged yield of 7.6% and the total net lease portfolio generated an unleveraged yield of 7.3% for the quarter.

Operating Properties

At the end of the quarter, the Company’s operating properties portfolio totaled $731.7 million, gross of $72.8 million of accumulated depreciation, and was comprised of $598.8 million of commercial and $132.9 million of residential real estate properties. During the quarter, the Company invested $13.9 million within its operating properties portfolio and received $143.7 million of proceeds from sales.


2



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 $31.1 million of revenue offset by $22.5 million of expenses during the quarter. iStar generally seeks to reposition or redevelop these assets with the objective of maximizing their values through the infusion of capital and/or intensive asset management efforts.

At the end of the quarter, the Company had $108.1 million of stabilized commercial operating properties that were 88% leased and generated an unleveraged yield of 8.2% for the quarter. The remainder of the commercial operating portfolio was comprised of $490.7 million of transitional properties that were 56% leased and generated an unleveraged yield of 3.5% for the quarter. iStar is actively working to lease up and stabilize these properties. During the quarter, the Company executed commercial operating property leases covering approximately 123,000 square feet.

During the quarter, a partnership, of which the Company owns 90%, sold a leasehold interest in One Detroit Center, a transitional commercial operating property in Detroit, MI, and received $93.5 million in net proceeds. The partnership retained its fee interest in the land, entering into a 99-year ground lease in conjunction with the sale. The partnership will receive an initial annual rent of $2.5 million under the ground lease, which provides for fixed and inflation-based rental increases during the term of the lease.

"We utilized a structure that is fairly uncommon for the Detroit market to solve our objective of capturing full value for this landmark property, while at the same time allowing us to retain a significant economic interest in the asset with a senior position and very long duration," said Jay Sugarman, iStar's chairman and chief executive officer. "The value created through this transaction serves as a prime example of our operating properties strategy."

Residential Operating Properties

At the end of the quarter, the residential operating portfolio was comprised of 263 condominium units, generally located within luxury condominium projects in major U.S. cities. During the quarter, the Company sold 69 condominium units, resulting in $49.9 million of proceeds and recorded $18.6 million of income, offset by $4.9 million of expenses.

Land

At the end of the quarter, the Company’s land portfolio totaled $1.11 billion, gross of accumulated depreciation, and was comprised of 11 master planned community projects, 14 urban infill land parcels and six waterfront land parcels located throughout the United States.

Master planned communities represent large-scale residential projects that the Company will entitle, plan and/or develop. These projects are currently entitled for approximately 25,000 lots. The remainder of the Company’s land includes infill and waterfront parcels located in and around major cities that the Company intends to sell itself or in partnership with commercial real estate developers. These projects are currently entitled for approximately 6,000 residential and hotel units, and select projects include commercial, retail and office uses.

3




The Company's land portfolio generated $9.1 million of revenue, offset by $6.9 million of land development cost of sales. In addition, it generated $2.6 million of earnings from its land equity method investments. For the same period last year, the Company reported $4.6 million of revenue, offset by $3.7 million of cost of sales.

At March 31, 2015, the Company had seven land projects in production, 12 in development and 12 in the pre-development phase. During the quarter, the Company invested $21.8 million in its land portfolio across 10 projects. As the Company continues to invest and build value in its land portfolio, it expects to move additional projects into production in the coming year and grow its land revenues.

Capital Markets

During the quarter, the Company entered into a new $250.0 million revolving credit facility with JPMorgan, Bank of America Merrill Lynch and Barclays. Based on the Company's current credit ratings, the new facility bears interest at a rate of LIBOR plus 2.75%. The facility's interest rate would decrease by up to 50 basis points should the Company's credit ratings be upgraded by Moody's or Standard & Poor's. The revolving credit facility matures in March 2018, at which time the Company has the option to convert any outstanding balance into a term loan that would mature in March 2019.  The new credit facility is initially secured by a borrowing base of $438.3 million.  

During the quarter, the Company repaid $10.3 million on its 2012 Secured Credit Facility, bringing the remaining balance to $348.2 million at March 31, 2015. The facility matures in March 2017.

The Company’s weighted average cost of debt for the first quarter was 5.5%, down from 5.6% for the first quarter of last year. The Company’s leverage was 2.1x at March 31, 2015, at the low end of the Company’s targeted range of 2.0x2.5x. Please see the financial tables that follow the text of this press release for a calculation of the Company’s leverage.

The Company repurchased 44,000 shares of its common stock during the quarter at an average price of $12.66 per share. The Company has remaining authorization to repurchase $28.5 million of its common stock.

Annual Meeting

The Company will host its Annual Meeting of Shareholders at the Sofitel Hotel, located at 45
West 44th Street, New York, New York 10036 on Wednesday, May 20, 2015 at 9:00 a.m. ET. All shareholders are cordially invited to attend.


4






[Financial Tables to Follow]

* * *

iStar Financial Inc. (NYSE: STAR) is a fully-integrated finance and investment company focused on the commercial real estate industry. The Company provides custom-tailored investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company, which is taxed as a real estate investment trust (“REIT”), has invested more than $35 billion over the past two decades. Additional information on iStar Financial is available on the Company's website at www.istarfinancial.com.

iStar Financial will hold a quarterly earnings conference call at 10:00 a.m. ET today, April 29, 2015. This conference call will be broadcast live over the Internet and can be accessed by all interested parties through iStar Financial’s website, www.istarfinancial.com, under the “Investor Relations” section. To listen to the live call, please go to the website’s “Investor Relations” section at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those who are not available to listen to the live broadcast, a replay will be available shortly after the call on the iStar Financial website.

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






 





 

5



iStar Financial Inc.
Consolidated Statements of Operations
(In thousands)
(unaudited)
 
 
Three Months
Ended March 31,
 
 
2015
 
2014
REVENUES
 
 
 
 
Operating lease income
 
$
59,139

 
$
62,108

Interest income
 
34,896

 
27,914

Other income
 
10,564

 
14,584

Land development revenue
 
8,258

 
4,143

Total revenues
 
$
112,857

 
$
108,749

COST AND EXPENSES
 
 
 
 
Interest expense
 
$
54,632

 
$
57,456

Real estate expense
 
39,634

 
42,613

Land development cost of sales
 
6,891

 
3,654

Depreciation and amortization
 
18,501

 
18,613

General and administrative(1)
 
20,753

 
19,788

Provision for (recovery of) loan losses
 
4,293

 
(3,400
)
Impairment of assets
 

 
2,979

Other expense
 
2,123

 
221

Total costs and expenses
 
$
146,827

 
$
141,924

Income (loss) before earnings from equity method investments and other items
 
$
(33,970
)
 
$
(33,175
)
Loss on early extinguishment of debt
 
(168
)
 
(1,180
)
Earnings from equity method investments
 
6,547

 
3,177

Income (loss) from continuing operations before income taxes
 
$
(27,591
)
 
$
(31,178
)
Income tax (expense) benefit
 
(5,878
)
 
507

Income (loss) from continuing operations
 
$
(33,469
)
 
$
(30,671
)
Income from sales of real estate
 
21,156

 
16,494

Net income (loss)
 
$
(12,313
)
 
$
(14,177
)
Net (income) loss attributable to noncontrolling interests
 
1,841

 
(454
)
Net income (loss) attributable to iStar Financial Inc.
 
$
(10,472
)
 
$
(14,631
)
Preferred dividends
 
(12,830
)
 
(12,830
)
Net (income) loss allocable to HPU holders and Participating Security holders(2)
 
749

 
889

Net income (loss) allocable to common shareholders
 
$
(22,553
)
 
$
(26,572
)
_______________________________________________________________________________
(1) For the three months ended March 31, 2015 and 2014, includes $3,238 and $2,075 of stock-based compensation expense, respectively.
(2) HPU Holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program. Participating Security holders are non-employee directors who hold common stock equivalents and restricted stock awards granted under the Company's LTIP who are eligible to participate in dividends.

6



iStar Financial Inc.
Earnings Per Share Information
(In thousands, except per share data)
(unaudited)
 
 
Three Months
Ended March 31,
 
 
2015
 
2014
EPS INFORMATION FOR COMMON SHARES
 
 
 
 
Income (loss) from continuing operations(1)
Basic and diluted
 
$
(0.26
)
 
$
(0.31
)
Net income (loss)
 
 
 
 
Basic and diluted
 
$
(0.26
)
 
$
(0.31
)
Adjusted income (loss)
 
 
 
 
Basic and diluted
 
$
0.10

 
$
(0.07
)
Weighted average shares outstanding
 
 
 
 
Basic
 
85,497

 
84,819

Diluted (for net income per share)
 
85,497

 
84,819

Diluted (for adjusted income per share)
 
97,454

 
84,819

Common shares outstanding at end of period
 
85,520

 
84,855

 
 
 
 
 
EPS INFORMATION FOR HPU SHARES
 
 
 
 
Income (loss) from continuing operations(1)
Basic and diluted
 
$
(49.93
)
 
$
(59.27
)
Net income (loss)
 
 
 
 
Basic and diluted
 
$
(49.93
)
 
$
(59.27
)
Weighted average shares outstanding
 
 
 
 
Basic and diluted
 
15

 
15

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


7



iStar Financial Inc.
Consolidated Balance Sheets
(In thousands)
(unaudited)
 
As of
 
As of
 
March 31, 2015
 
December 31, 2014
ASSETS
 
 
 
 
 
 
 
Real estate
 
 
 
Real estate, at cost
$
2,988,670

 
$
3,145,563

Less: accumulated depreciation
(452,397
)
 
(468,849
)
Real estate, net
$
2,536,273

 
$
2,676,714

Real estate available and held for sale
292,608

 
285,982

 
$
2,828,881

 
$
2,962,696

Loans receivable and other lending investments, net
1,537,846

 
1,377,843

Other investments
341,549

 
354,119

Cash and cash equivalents
625,352

 
472,061

Accrued interest and operating lease income receivable, net
18,450

 
16,367

Deferred operating lease income receivable
96,279

 
98,262

Deferred expenses and other assets, net
204,223

 
181,785

Total assets
$
5,652,580

 
$
5,463,133

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other liabilities
$
158,251

 
$
180,902

Debt obligations, net
4,261,528

 
4,022,684

Total liabilities
$
4,419,779

 
$
4,203,586

 
 
 
 
Redeemable noncontrolling interests
$
13,203

 
$
11,199

 
 
 
 
Total iStar Financial Inc. shareholders' equity
$
1,169,113

 
$
1,197,092

Noncontrolling interests
50,485

 
51,256

Total equity
$
1,219,598

 
$
1,248,348

 
 
 
 
Total liabilities and equity
$
5,652,580

 
$
5,463,133



8



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


FOR THE THREE MONTHS ENDED MARCH 31, 2015
 
 
 
 
 
 
 
Real Estate
Finance
 
Net
Lease
 
Operating Properties
 
Land
 
Corporate / Other
 

Total
Operating lease income
$

 
$
36,339

 
$
22,614

 
$
186

 
$

 
$
59,139

Interest income
34,896

 

 

 

 

 
34,896

Other income
48

 
3

 
8,876

 
633

 
1,004

 
10,564

Land development revenue

 

 

 
8,258

 

 
8,258

Earnings (loss) from equity method investments

 
1,633

 
535

 
2,609

 
1,770

 
6,547

Income from sales of real estate

 
3,527

 
17,629

 

 

 
21,156

Total revenue and other earnings
$
34,944

 
$
41,502

 
$
49,654

 
$
11,686

 
$
2,774

 
$
140,560

Real estate expense

 
(5,270
)
 
(27,424
)
 
(6,940
)
 

 
(39,634
)
Land development cost of sales

 

 

 
(6,891
)
 

 
(6,891
)
Other expense
1

 

 

 

 
(2,124
)
 
(2,123
)
Allocated interest expense
(14,235
)
 
(16,835
)
 
(7,668
)
 
(7,544
)
 
(8,350
)
 
(54,632
)
Allocated general and administrative(1)
(3,094
)
 
(3,761
)
 
(1,828
)
 
(2,793
)
 
(6,039
)
 
(17,515
)
Segment profit (loss)
$
17,616

 
$
15,636

 
$
12,734

 
$
(12,482
)
 
$
(13,739
)
 
$
19,765

_______________________________________________________________________________
(1) Excludes $3,238 of stock-based compensation expense.


AS OF MARCH 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate
Finance
 
Net
Lease
 
Operating Properties
 
Land
 
Corporate / Other
 

Total
Real estate
 

 
 

 
 

 
 

 
 

 
 

Real estate, at cost
$

 
$
1,548,255

 
$
579,512

 
$
860,903

 
$

 
$
2,988,670

Less: accumulated depreciation

 
(370,818
)
 
(72,822
)
 
(8,757
)
 

 
(452,397
)
Real estate, net
$

 
$
1,177,437

 
$
506,690

 
$
852,146

 
$

 
$
2,536,273

Real estate available and held for sale

 
11,307

 
139,853

 
141,448

 

 
292,608

Total real estate
$

 
$
1,188,744

 
$
646,543

 
$
993,594

 
$

 
$
2,828,881

Loans receivable and other lending investments, net
1,537,846

 

 

 

 

 
1,537,846

Other investments

 
124,464

 
12,291

 
108,892

 
95,902

 
341,549

Total portfolio assets
$
1,537,846

 
$
1,313,208

 
$
658,834

 
$
1,102,486

 
$
95,902

 
$
4,708,276

Cash and other assets
 
 
 
 
 
 
 
 
 
 
944,304

Total assets
 
 
 
 
 
 
 
 
 
 
$
5,652,580






9



iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)
 
 
Three Months
Ended March 31,
 
 
2015
 
2014
ADJUSTED INCOME
 
 
 
 
Reconciliation of Net Income to Adjusted Income
 
 
 
 
Net income (loss) allocable to common shareholders
 
$
(22,553
)
 
$
(26,572
)
Add: Depreciation and amortization
 
20,072

 
18,895

Add: Provision for (recovery of) loan losses
 
4,293

 
(3,400
)
Add: Impairment of assets
 
4,337

 
2,979

Add: Stock-based compensation expense
 
3,238

 
2,075

Add: Loss on early extinguishment of debt
 
168

 
1,180

Less: HPU/Participating Security allocation
 
(1,032
)
 
(703
)
Adjusted income (loss) allocable to common shareholders(1)
 
$
8,523

 
$
(5,546
)
_______________________________________________________________________________
(1) Adjusted Income (loss) allocable to common shareholders should be examined in conjunction with net income (loss) as shown in the Consolidated Statements of Operations. This non-GAAP financial measure should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company’s performance, or to cash flows from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs or available for distribution to shareholders. It should be noted that the Company’s manner of calculating this non-GAAP financial measure may differ from the calculations of similarly-titled measures by other companies. Management believes that it is useful to consider Adjusted Income because the adjustments are non-cash items that do not necessarily reflect an actual change in the long-term economic value or performance of our assets. Management considers this non-GAAP financial measure as supplemental information to net income in analyzing the performance of our underlying business. Depreciation and amortization 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.


10



iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)
 
Three Months Ended March 31, 2015
OPERATING STATISTICS
 
 
 
Expense Ratio
 
General and administrative expenses - annualized (A)
$
83,012

Average total assets (B)
$
5,557,857

Expense Ratio (A) / (B)
1.5
%
 
 
 
As of
 
March 31, 2015
Leverage
 
Book debt
$
4,261,528

Less: Cash and cash equivalents
(625,352
)
Net book debt (C)
$
3,636,176

 
 
Book equity
$
1,219,598

Add: Accumulated depreciation and amortization(1)
497,598

Add: General loan loss reserves
38,000

Sum of book equity, accumulated depreciation and general loan loss reserves (D)
$
1,755,196

Leverage (C) / (D)
2.1x

 
 
UNENCUMBERED ASSETS / UNSECURED DEBT
 
 
 
Unencumbered assets (E)(2)
$
4,867,190

Unsecured debt (F)
$
3,426,890

Unencumbered Assets / Unsecured Debt (E) / (F)
1.4x

_______________________________________________________________________________
(1) Accumulated depreciation and amortization includes our proportionate share of accumulated depreciation and amortization relating to equity method investments.
(2) Unencumbered assets are calculated in accordance with the indentures governing the Company's unsecured debt securities.


11



iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)
 
 
 
 
As of
 
 
 
 
March 31, 2015
UNFUNDED COMMITMENTS
 
 
 
 
 
 
 
 
 
 
 
Performance-based commitments
 
 
 
$
639,515
 
Strategic investments
 
 
 
45,762
 
Discretionary fundings
 
 
 
18,065
 
Total Unfunded Commitments
 
 
 
$
703,342
 
 
 
 
 
 
 
LOAN RECEIVABLE CREDIT STATISTICS
As of
 
March 31, 2015
 
December 31, 2014
 
 
 
 
 
 
Carrying value of NPLs /
 
 
 
 
 
As a percentage of total carrying value of loans
$
64,750

4.8
%
 
$
65,047

5.5
%
 
 
 
 
 
 
Asset specific reserves for loan losses /
 
 
 
 
 
As a percentage of gross carrying value of impaired loans(1)
$
64,783

47.3
%
 
$
64,990

46.5
%
 
 
 
 
 
 
Total reserve for loan losses /
 
 
 
 
 
As a percentage of total gross carrying value of loans(1)
$
102,783

7.1
%
 
$
98,490

7.6
%
_______________________________________________________________________________
(1) Gross carrying value represents iStar's carrying value of loans, gross of loan loss reserves.



12




iStar Financial Inc.
Supplemental Information
(In millions)
(unaudited)
PORTFOLIO STATISTICS AS OF MARCH 31, 2015(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Type
 
Real Estate Finance
 
Net Lease
 
Operating Properties
 
Land
 
Total
 
% of
Total
Office / Industrial
 
$
161

 
$
913

 
$
180

 
$

 
$
1,254

 
24.1
%
Land
 
28

 

 

 
1,111

 
1,139

 
21.9
%
Mixed Use / Mixed Collateral
 
445

 

 
245

 

 
690

 
13.3
%
Entertainment / Leisure
 

 
568

 

 

 
568

 
10.9
%
Hotel
 
331

 
136

 
54

 

 
521

 
10.0
%
Condominium
 
212

 

 
133

 

 
345

 
6.6
%
Other Property Types
 
288

 
10

 

 

 
298

 
5.7
%
Retail
 
111

 
57

 
120

 

 
288

 
5.6
%
Strategic Investments
 

 

 

 

 
96

 
1.9
%
Total
 
$
1,576

 
$
1,684

 
$
732

 
$
1,111

 
$
5,199

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Geography
 
Real Estate Finance
 
Net Lease
 
Operating Properties
 
Land
 
Total
 
% of
Total
Northeast
 
$
796

 
$
389

 
$
1

 
$
199

 
$
1,385

 
26.6
%
West
 
81

 
426

 
78

 
397

 
982

 
18.9
%
Mid-Atlantic
 
323

 
143

 
137

 
194

 
797

 
15.3
%
Southeast
 
80

 
255

 
279

 
151

 
765

 
14.7
%
Southwest
 
131

 
234

 
185

 
148

 
698

 
13.4
%
Central
 
112

 
93

 
50

 
9

 
264

 
5.1
%
Various
 
27

 
142

 
2

 
13

 
184

 
3.6
%
International
 
26

 
2

 

 

 
28

 
0.5
%
Strategic Investments
 

 

 

 

 
96

 
1.9
%
Total
 
$
1,576

 
$
1,684

 
$
732

 
$
1,111

 
$
5,199

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
_______________________________________________________________________________
(1) Based on carrying value of the Company's total investment portfolio, gross of accumulated depreciation and general loan loss reserves.


13