EX-99.1 2 a12-25182_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

 

iStar Financial Inc.

 

1114 Avenue of the Americas

 

New York, NY 10036

 

(212) 930- 9400

News Release

investors@ istarfinancial.com

 

 

 

COMPANY CONTACTS

 

[NYSE: SFI]

 

 

 

David M. DiStaso

 

Jason Fooks

Chief Financial Officer

 

Investor Relations

 

iStar Financial Announces Third Quarter 2012 Results

 

·                  Adjusted income (loss) allocable to common shareholders for the third quarter 2012 was ($26) million.

 

·                  Net income (loss) allocable to common shareholders for the third quarter 2012 was ($72) million or ($0.86) per diluted common share.

 

·                  Subsequent to quarter end, the Company completed a new $1.8 billion, five-year secured term loan to refinance its 2011 A-1 / A-2 facilities.

 

·                  In connection with the new financing, the Company’s corporate family rating was upgraded by Moody’s to B2 and its long-term issuer credit rating was affirmed by S&P at B+.

 

NEW YORK - October 26, 2012 - iStar Financial Inc. (NYSE: SFI) today reported results for the third quarter ended September 30, 2012.

 

Third Quarter 2012 Results

 

iStar reported net income (loss) allocable to common shareholders for the third quarter of ($71.8) million, or ($0.86) per diluted common share, compared to ($62.2) million, or ($0.71) per diluted common share, for the third quarter 2011. Results in the prior year period included a one-time $22.2 million gain from discontinued operations associated with a net lease asset portfolio sale.

 

Adjusted income (loss) allocable to common shareholders for the third quarter was ($26.0) million, compared to ($19.0) million for the third quarter 2011. Adjusted income (loss) represents net income computed in accordance with GAAP, prior to the effects of certain non-cash items, including depreciation, loan loss provisions and impairments.

 

Adjusted EBITDA for the quarter was $76.6 million, compared to $83.1 million for the same period last year. Please see the financial tables that follow the text of this press release for the Company’s calculations of adjusted income and adjusted EBITDA, as well as reconciliations to GAAP net income (loss).

 

During the third quarter, iStar generated $318.0 million of proceeds from its portfolio, comprised of $157.9 million in principal repayments, $79.5 million of residential unit sales, $67.1 million from sales of owned real estate assets and $13.4 million from other investments. Additionally, the Company funded a total of $28.4 million in new and existing investments.

 


 

“We have continued to execute our corporate strategy to reduce overall debt levels, maximize the value of our existing portfolio and access the capital markets in order to position ourselves for increased investment activity,” said Jay Sugarman, iStar’s chairman and chief executive officer. “We are pleased with our overall progress in these areas as we head into 2013.”

 

Capital Markets

 

During the quarter, iStar repaid $147.7 million on the A-1 tranche of its 2011 secured credit facility, bringing the outstanding balance to $498.3 million at the end of the quarter. The balance of the A-2 tranche of the 2011 secured credit facility at the end of the quarter was $1.45 billion.

 

On October 15, the Company closed on a new $1.82 billion senior secured credit facility due October 15, 2017, the proceeds of which were used to refinance the remaining balances of the 2011 A-1 / A-2 secured credit facilities. The transaction enabled iStar to unencumber certain liquid assets and provided long-term financing on a substantial portion of the Company’s portfolio.

 

In response to the new financing, Moody’s Investor Service upgraded iStar’s corporate family rating to B2 and senior unsecured credit rating to B3. In addition, Moody’s assigned a B1 rating to the new senior secured term loan and upgraded the A-1 and A-2 tranches of the Company’s 2012 senior secured facilities to Ba3 and B1, respectively. In addition, Standard & Poor’s affirmed both iStar’s long-term issuer credit rating and its senior unsecured rating at B+ and assigned a BB- rating on the new senior secured term loan.

 

During the quarter, the Company closed on a $54.5 million secured, 10-year term loan, the proceeds of which was used to refinance existing debt on one net lease asset. The new loan bears interest at a rate of 4.85% versus 6.41% for the refinanced loan.

 

The Company also repaid $66.4 million on the A-1 tranche of its 2012 secured credit facility during the quarter, bringing the remaining outstanding balance to $262.3 million at September 30, 2012. Based on the total amount repaid, the Company has already exceeded the minimum cumulative amortization on the A-1 tranche of its 2012 secured credit facility of $123.0 million required to be paid before December 31, 2013. The balance of the A-2 tranche of the 2012 secured credit facility at the end of the quarter was $470.0 million.

 

The Company’s leverage was 2.5x at September 30, 2012, unchanged from the prior quarter. Please see the financial tables that follow the text of this press release for a calculation of the Company’s leverage. The Company’s weighted average effective cost of debt for the third quarter was 6.5%. At the end of the quarter, cash and cash equivalents, including cash reserved for repayment of indebtedness, totaled $739.3 million.

 

Subsequent to quarter end, the Company repaid the remaining $460.7 million balance of its senior unsecured convertible notes due October 1, 2012 at maturity with cash.

 

-more-

 

2


 

Portfolio Overview

 

At September 30, 2012, the Company’s total portfolio had a carrying value of $6.00 billion, gross of general loan loss reserves. The portfolio was comprised of $2.16 billion of loans, $1.54 billion of net lease assets, $1.88 billion of owned real estate and $419.6 million of other investments.

 

At September 30, 2012, the Company’s $1.52 billion of performing loans had a weighted average last dollar loan-to-value ratio of 70.8% and a weighted average maturity of 2.9 years. The performing loans consisted of 46% floating rate loans that generated a weighted average effective yield for the quarter of 6.4%, or approximately 638 basis points over the average one-month LIBOR rate for the quarter, and 54% fixed rate loans that generated a weighted average effective yield for the quarter of 8.5%. The weighted average risk rating of the Company’s performing loans improved to 3.08 from 3.16 in the prior quarter. Included in the performing loan balance were $18.8 million of watch list assets, decreasing from $75.0 million in the prior quarter.

 

At September 30, 2012, the Company’s non-performing loans (NPLs) had a carrying value of $639.9 million, net of $490.6 million of specific reserves. This compares to $639.0 million, net of $491.3 million of specific reserves, at the end of the prior quarter.

 

For the third quarter, the Company recorded $16.8 million in loan loss provision versus $26.5 million in the prior quarter. At September 30, 2012, loan loss reserves totaled $543.5 million or 20.4% of total gross carrying value of loans. This compares to loan loss reserves of $563.8 million or 19.8% of total gross carrying value of loans at June 30, 2012.

 

At the end of the quarter, the Company’s $1.54 billion of net lease assets, net of $352.7 million of accumulated depreciation, were 91.3% leased with a weighted average remaining lease term of 12.0 years. The weighted average risk rating of the Company’s net lease assets was 2.70, unchanged from the prior quarter. The Company’s occupied net lease assets generated a weighted average effective yield of 9.6% and the total net lease assets generated a weighted average effective yield of 8.6% for the quarter.

 

At the end of the quarter, the Company’s $1.88 billion owned real estate portfolio was comprised of $985.5 million of operating commercial real estate assets and $896.1 million of land assets. A portion of these assets have been classified as other real estate owned (OREO), based on management’s current intention to market and sell the assets in the near term, while the remainder are considered real estate held for investment (REHI), based on management’s current intention and strategy to hold, operate or develop the assets over a longer term.

 

The Company’s owned real estate portfolio generated $29.9 million of combined revenue and income from sales of residential property units, offset by $24.5 million of net expenses for the quarter.

 

3


 

[Financial Tables to Follow]

 

*                   *                *

 

iStar Financial Inc. (NYSE: SFI) 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, October 26, 2012. 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 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 (including OREO assets), increases in NPLs, repayment levels, the Company’s ability to reduce its indebtedness, 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.)

 

4


 

iStar Financial Inc.
Consolidated Statements of Operations
(In thousands)
(unaudited)

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

31,171

 

$

45,851

 

$

104,822

 

$

186,805

 

Operating lease income

 

38,582

 

38,322

 

114,990

 

114,076

 

Other income

 

16,494

 

10,140

 

55,125

 

26,412

 

Total revenues

 

$

86,247

 

$

94,313

 

$

274,937

 

$

327,293

 

 

 

 

 

 

 

 

 

 

 

COSTS AND EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

91,777

 

$

90,659

 

$

271,595

 

$

255,505

 

Operating costs - net lease assets

 

5,548

 

4,845

 

13,676

 

13,515

 

Operating costs - REHI and OREO

 

24,454

 

19,792

 

68,952

 

55,582

 

Depreciation and amortization

 

16,787

 

13,953

 

50,263

 

43,777

 

General and administrative (1)

 

19,037

 

26,978

 

61,674

 

77,077

 

Provision for loan losses

 

16,834

 

9,232

 

60,865

 

30,462

 

Impairment of assets

 

6,542

 

9,912

 

29,541

 

14,165

 

Other expense

 

2,394

 

3,974

 

6,754

 

7,156

 

Total costs and expenses

 

$

183,373

 

$

179,345

 

$

563,320

 

$

497,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before earnings from equity method investments and other items

 

$

(97,126

)

$

(85,032

)

$

(288,383

)

$

(169,946

)

Gain (loss) on early extinguishment of debt, net

 

(3,694

)

(3,207

)

(6,858

)

102,348

 

Earnings from equity method investments

 

22,719

 

10,817

 

75,925

 

54,881

 

Income (loss) from continuing operations before income taxes

 

$

(78,101

)

$

(77,422

)

$

(219,316

)

$

(12,717

)

Income tax expense

 

(1,791

)

(1,354

)

(6,540

)

(9,731

)

Income (loss) from continuing operations

 

$

(79,892

)

$

(78,776

)

$

(225,856

)

$

(22,448

)

Income from discontinued operations

 

2

 

1,917

 

1,532

 

3,470

 

Gain from discontinued operations

 

—

 

22,198

 

27,257

 

22,198

 

Income from sales of residential property

 

15,584

 

—

 

35,583

 

—

 

Net income (loss)

 

$

(64,306

)

$

(54,661

)

$

(161,484

)

$

3,220

 

Net (income) loss attributable to noncontrolling interests

 

666

 

1,002

 

1,363

 

558

 

Net income (loss) attributable to iStar Financial Inc.

 

$

(63,640

)

$

(53,659

)

$

(160,121

)

$

3,778

 

Preferred dividends

 

(10,580

)

(10,580

)

(31,740

)

(31,740

)

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

 

2,436

 

2,008

 

6,288

 

845

 

Net income (loss) allocable to common shareholders

 

$

(71,784

)

$

(62,231

)

$

(185,573

)

$

(27,117

)

 

(1) For the three months ended September 30, 2012 and 2011, includes $3,512 and $7,153 of stock-based compensation expense, respectively. For the nine months ended September 30, 2012 and 2011, includes $11,625 and $15,622 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 Company employees and directors who hold unvested restricted stock units, restricted stock awards and common stock equivalents granted under the Company’s LTIP that are eligible to participate in dividends.

 

5


 

iStar Financial Inc.
Earnings Per Share Information
(In thousands, except per share amounts)
(unaudited)

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

EPS INFORMATION FOR COMMON SHARES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) attributable to iStar Financial Inc. from continuing operations (1)

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(0.86

)

$

(0.97

)

$

(2.55

)

$

(0.58

)

Net income (loss) attributable to iStar Financial Inc.

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(0.86

)

$

(0.71

)

$

(2.22

)

$

(0.30

)

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

83,629

 

87,951

 

83,765

 

91,020

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding at end of period

 

83,639

 

80,509

 

83,639

 

80,509

 

 

 

 

 

 

 

 

 

 

 

EPS INFORMATION FOR HPU SHARES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) attributable to iStar Financial Inc. from continuing operations (1)

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(162.40

)

$

(184.14

)

$

(482.06

)

$

(108.06

)

Net income (loss) attributable to iStar Financial Inc.

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(162.40

)

$

(133.87

)

$

(419.20

)

$

(56.33

)

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

Basic and diluted

 

15

 

15

 

15

 

15

 

 

(1) Adjusted for preferred dividends, net (income) loss from noncontrolling interests and income from sales of residential property.

 

6


 

iStar Financial Inc.
Consolidated Balance Sheets
(In thousands)
(unaudited)

 

 

 

As of
September 30, 2012

 

As of
December 31, 2011

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Loans and other lending investments, net

 

$

2,118,723

 

$

2,860,762

 

Net lease assets, net

 

1,540,464

 

1,702,764

 

Real estate held for investment, net

 

1,174,955

 

1,228,134

 

Other real estate owned

 

706,715

 

677,458

 

Other investments

 

419,648

 

457,835

 

Cash and cash equivalents

 

284,659

 

356,826

 

Restricted cash

 

493,386

 

32,630

 

Accrued interest and operating lease income receivable, net

 

12,982

 

20,208

 

Deferred operating lease income receivable

 

81,416

 

73,368

 

Deferred expenses and other assets, net

 

107,471

 

107,852

 

Total assets

 

$

6,940,419

 

$

7,517,837

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

136,658

 

$

105,357

 

 

 

 

 

 

 

Debt obligations, net:

 

 

 

 

 

Secured credit facilities

 

2,647,919

 

2,393,240

 

Unsecured senior notes

 

2,401,431

 

2,805,817

 

Secured term loans

 

241,288

 

296,643

 

Unsecured credit facility

 

—

 

243,650

 

Other debt obligations

 

98,222

 

98,190

 

Total debt obligations, net

 

5,388,860

 

5,837,540

 

 

 

 

 

 

 

Total liabilities

 

$

5,525,518

 

$

5,942,897

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

$

14,208

 

$

1,336

 

 

 

 

 

 

 

Total iStar Financial Inc. shareholders’ equity

 

1,325,650

 

1,528,356

 

Noncontrolling interests

 

75,043

 

45,248

 

Total equity

 

$

1,400,693

 

1,573,604

 

 

 

 

 

 

 

Total liabilities and equity

 

$

6,940,419

 

$

7,517,837

 

 

7


 

iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

NON-GAAP FINANCIAL MEASURES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Adjusted Income

 

 

 

 

 

 

 

 

 

Net income (loss) allocable to common shareholders

 

$

(71,784

)

$

(62,231

)

$

(185,573

)

$

(27,117

)

Add: Depreciation and amortization

 

16,787

 

15,077

 

51,205

 

47,142

 

Add: Provision for loan losses

 

16,834

 

9,232

 

60,865

 

30,462

 

Add: Impairment of assets

 

6,542

 

9,912

 

30,061

 

14,140

 

Add: Stock-based compensation expense

 

3,512

 

7,153

 

11,625

 

15,622

 

Less: (Gain)/loss on early extinguishment of debt, net

 

3,694

 

3,207

 

6,858

 

(102,348

)

Less: HPU/Participating Security allocation

 

(1,555

)

(1,394

)

(5,264

)

(152

)

Adjusted income (loss) allocable to common shareholders (1)

 

$

(25,970

)

$

(19,044

)

$

(30,223

)

$

(22,251

)

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Adjusted EBITDA

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(64,306

)

$

(54,661

)

$

(161,484

)

$

3,220

 

Add: Interest expense

 

91,777

 

91,777

 

272,659

 

258,183

 

Add: Income tax expense

 

1,791

 

1,354

 

6,540

 

9,731

 

Add: Depreciation and amortization

 

16,787

 

15,077

 

51,205

 

47,142

 

EBITDA

 

$

46,049

 

$

53,547

 

$

168,920

 

$

318,276

 

Add: Provision for loan losses

 

16,834

 

9,232

 

60,865

 

30,462

 

Add: Impairment of assets

 

6,542

 

9,912

 

30,061

 

14,140

 

Add: Stock-based compensation expense

 

3,512

 

7,153

 

11,625

 

15,622

 

Less: (Gain)/loss on early extinguishment of debt, net

 

3,694

 

3,207

 

6,858

 

(102,348

)

Adjusted EBITDA (1)

 

$

76,631

 

$

83,051

 

$

278,329

 

$

276,152

 

 

(1) Adjusted Income (loss) allocable to common shareholders and Adjusted EBITDA should be examined in conjunction with net income (loss) as shown in the Consolidated Statements of Operations. These non-GAAP financial measures 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 are they 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 these non-GAAP financial measures may differ from the calculations of similarly-titled measures by other companies. Management believes that it is useful to consider Adjusted Income and Adjusted EBITDA 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 these non-GAAP financial measures as supplemental information to net income in analyzing the performance of our underlying business. Interest expense and depreciation and amortization exclude adjustments from discontinued operations of $1,118 and $1,124, respectively, for the three months ended September 30, 2011. Interest expense, depreciation and amortization, and impairment of assets exclude adjustments from discontinued operations of $1,064, $943, and $520, respectively, for the nine months ended September 30, 2012 and $2,678, $3,366 and ($25), respectively, for the nine months ended September 30, 2011.

 

8


 

iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)

 

 

 

Three Months Ended
September 30, 2012

 

OPERATING STATISTICS

 

 

 

 

 

 

 

Expense Ratio

 

 

 

General and administrative expenses - annualized (A)

 

$

76,148

 

Average total assets (B)

 

$

7,063,316

 

Expense Ratio (A) / (B)

 

1.1

%

 

 

 

 

Interest Coverage

 

 

 

Adjusted EBITDA (C)

 

$

76,631

 

Interest expense and preferred dividends (D)

 

$

102,357

 

Adjusted EBITDA / Interest Expense and Preferred Dividends (C) / (D)

 

0.7

x

 

 

 

As of

 

 

 

September 30, 2012

 

 

 

 

 

Leverage

 

 

 

Book debt

 

$

5,388,860

 

Less: Cash and cash equivalents, including cash reserved for repayment of indebtedness

 

(739,315

)

Net book debt (E)

 

$

4,649,545

 

 

 

 

 

Book equity

 

$

1,400,693

 

Add: Accumulated depreciation

 

427,749

 

Add: General loan loss reserves

 

37,600

 

Sum of book equity, accumulated depreciation and general loan loss reserves (F)

 

$

1,866,042

 

Leverage (E) / (F)

 

2.5

x

 

9


 

iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)

 

 

 

As of
September 30, 2012

 

UNFUNDED COMMITMENTS

 

 

 

 

 

 

 

Performance-based commitments

 

$

83,597

 

Strategic investments

 

39,461

 

Discretionary fundings

 

167

 

Total Unfunded Commitments

 

$

123,225

 

 

 

 

 

UNENCUMBERED ASSETS / UNSECURED DEBT

 

 

 

 

 

 

 

Unencumbered assets (A) (1)

 

$

3,790,779

 

Unsecured debt (B)

 

$

2,520,360

 

Unencumbered Assets / Unsecured Debt (A) / (B)

 

1.5

x

 

LOANS AND OTHER LENDING INVESTMENTS CREDIT STATISTICS

 

 

 

As of

 

 

 

September 30, 2012

 

December 31, 2011

 

Carrying value of NPLs / As a percentage of total carrying value of loans

 

$

639,907

 

30.2

%

$

771,196

 

27.1

%

 

 

 

 

 

 

 

 

 

 

 

 

NPL asset specific reserves for loan losses / As a percentage of gross carrying value of NPLs (2)

 

$

490,639

 

43.4

%

$

557,129

 

41.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Total reserve for loan losses / As a percentage of total gross carrying value of loans (2)

 

$

543,498

 

20.4

%

$

646,624

 

18.5

%

 

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

(2) Gross carrying value represents iStar’s carrying value of loans, gross of loan loss reserves.

 

10


 

iStar Financial Inc.
Supplemental Information
(In millions)
(unaudited)

 

PORTFOLIO STATISTICS AS OF SEPTEMBER 30, 2012 (1)

 

Asset Type

 

Total

 

% of Total

 

First Mortgages / Senior Loans

 

 

 

 

 

 

 

 

 

 

 

$

1,635

 

27.2

%

Net Lease Assets

 

 

 

 

 

 

 

 

 

 

 

1,540

 

25.7

%

Real Estate Held for Investment

 

 

 

 

 

 

 

 

 

 

 

1,175

 

19.6

%

Other Real Estate Owned

 

 

 

 

 

 

 

 

 

 

 

707

 

11.8

%

Mezzanine / Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

521

 

8.7

%

Other Investments

 

 

 

 

 

 

 

 

 

 

 

420

 

7.0

%

Total

 

 

 

 

 

 

 

 

 

 

 

$

5,998

 

100.0

%

 

Geography

 

Total

 

% of Total

 

West

 

 

 

 

 

 

 

 

 

 

 

$

1,380

 

23.0

%

Northeast

 

 

 

 

 

 

 

 

 

 

 

1,099

 

18.3

%

Southeast

 

 

 

 

 

 

 

 

 

 

 

856

 

14.3

%

Southwest

 

 

 

 

 

 

 

 

 

 

 

798

 

13.3

%

Mid-Atlantic

 

 

 

 

 

 

 

 

 

 

 

591

 

9.8

%

Various

 

 

 

 

 

 

 

 

 

 

 

405

 

6.8

%

International

 

 

 

 

 

 

 

 

 

 

 

358

 

6.0

%

Central

 

 

 

 

 

 

 

 

 

 

 

320

 

5.3

%

Northwest

 

 

 

 

 

 

 

 

 

 

 

191

 

3.2

%

Total

 

 

 

 

 

 

 

 

 

 

 

$

5,998

 

100.0

%

 

 

 

Performing

 

Net Lease

 

 

 

 

 

 

 

 

 

 

 

Property Type

 

Loans

 

Assets

 

NPLs

 

REHI

 

OREO

 

Total

 

% of Total

 

Land

 

$

124

 

$

56

 

$

216

 

$

769

 

$

128

 

$

1,293

 

21.5

%

Condominium

 

264

 

—

 

65

 

6

 

389

 

724

 

12.1

%

Office

 

115

 

461

 

36

 

67

 

—

 

679

 

11.3

%

Industrial / R&D

 

87

 

460

 

8

 

48

 

—

 

603

 

10.1

%

Retail

 

252

 

53

 

133

 

81

 

62

 

581

 

9.7

%

Entertainment / Leisure

 

62

 

418

 

73

 

—

 

—

 

553

 

9.2

%

Mixed Use / Mixed Collateral

 

236

 

—

 

—

 

170

 

61

 

467

 

7.8

%

Hotel

 

210

 

92

 

94

 

34

 

22

 

452

 

7.5

%

Other Property Types

 

166

 

—

 

15

 

—

 

45

 

226

 

3.8

%

Other Investments

 

—

 

—

 

—

 

—

 

—

 

420

 

7.0

%

Total

 

$

1,516

 

$

1,540

 

$

640

 

$

1,175

 

$

707

 

$

5,998

 

100.0

%

 

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

 

-end-

 

11