EX-99.1 2 a13-23028_1ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

 

 

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 2013 Results

 

·                  Adjusted income (loss) per diluted common share was ($0.09) for the third quarter 2013 versus ($0.31) per diluted common share for the third quarter 2012.

 

·                  iStar funds $116 million of investments during the third quarter.

 

·                  iStar enters into letters of intent for $412 million of new investments.

 

NEW YORK - October 29, 2013 - iStar Financial Inc. (NYSE: SFI) today reported results for the third quarter ended September 30, 2013.

 

Third Quarter 2013 Results

 

iStar reported adjusted income (loss) allocable to common shareholders for the third quarter of ($7.3) million, or ($0.09) per diluted common share, compared to ($26.0) million, or ($0.31) per diluted common share for the third quarter 2012.

 

Adjusted income (loss) represents net income (loss) computed in accordance with GAAP, prior to the effects of certain non-cash items, 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 as well as reconciliations to GAAP net income (loss).

 

Net income (loss) allocable to common shareholders for the third quarter was ($30.6) million, or ($0.36) per diluted common share, compared to ($71.8) million, or ($0.86) per diluted common share for the third quarter 2012.

 

Capital Markets

 

During the quarter, the Company paid off the A-1 tranche of its 2012 A-1/A-2 Secured Credit Facility and repaid $30.1 million on the A-2 tranche, lowering the remaining balance to $439.9 million at the end of the quarter. In addition, the Company repaid $121.0 million on its February 2013 Secured Credit Facility during the quarter, lowering the remaining balance to $1.48 billion at September 30, 2013.

 

-more-



 

The Company’s weighted average effective cost of debt for the third quarter was 5.7%, a decrease from 6.0% for the prior quarter. The Company’s leverage was 1.9x at September 30, 2013, down from 2.0x at the end of the prior quarter, and slightly under the Company’s targeted range of 2.0x – 2.5x. Please see the financial tables that follow the text of this press release for a calculation of the Company’s leverage.

 

Investment Activity

 

During the third quarter, iStar funded $116.4 million of investments, primarily within its real estate finance portfolio. iStar also entered into letters of intent on $412 million of new investments, which would begin to fund during the fourth quarter. There can be no assurance that these investments will be completed.

 

The Company had $735.5 million of cash at quarter end, which will be used primarily to fund investment activity as the Company continues to ramp up originations. iStar generated $346.0 million of proceeds from its portfolio during the quarter, comprised of $239.0 million from repayments and sales of loans in its real estate finance portfolio, $97.8 million from sales of operating properties and $9.1 million from sales across other segments.

 

Portfolio Overview

 

At September 30, 2013, the Company’s total portfolio had a gross carrying value of $5.21 billion, gross of $438.7 million of accumulated depreciation and $27.8 million of general loan loss reserves. Gross carrying value represents the Company’s carrying value, gross of accumulated depreciation and general loan loss reserves.

 

Real Estate Finance

 

At September 30, 2013, the Company’s real estate finance portfolio totaled $1.39 billion.

 

The portfolio included $1.16 billion of performing loans with a weighted average last dollar loan-to-value ratio of 73% and a weighted average maturity of 2.9 years. The performing loans included $629.7 million of first mortgages / senior loans and $525.5 million of mezzanine / subordinated debt. The performing loans generated a weighted average effective yield for the quarter of 8.0%.

 

At September 30, 2013, the Company’s non-performing loans (NPLs) had a carrying value of $235.3 million, as compared to $370.0 million of NPLs at the end of the prior quarter.

 

For the third quarter, the Company recovered loan loss reserves of $9.8 million, net, compared to a provision for loan losses of $5.0 million in the prior quarter. At September 30, 2013, loan loss reserves totaled $380.0 million or 23.5% of the total gross carrying value of loans.

 

Net Lease

 

At the end of the quarter, iStar’s net lease portfolio had a gross carrying value of $1.65 billion, gross of $335.3 million of accumulated depreciation. The Company’s net lease portfolio totaled 20 million square feet across 34 states.

 

2



 

Occupancy for the portfolio was 94.6% at the end of the quarter, with a weighted average remaining lease term of 11.7 years. During the quarter, the Company executed two net leases covering approximately 150,000 square feet. The occupied assets generated an unleveraged weighted average effective yield of 7.9% on gross carrying value and the total net lease portfolio generated an unleveraged weighted average effective yield of 7.4% on gross carrying value for the quarter.

 

Operating Properties

 

At the end of the quarter, the Company’s operating properties portfolio totaling $1.06 billion, gross of $100.3 million of accumulated depreciation, was comprised of $801.8 million of commercial and $255.1 million of residential real estate properties. During the quarter, the Company invested $17.1 million in its operating properties.

 

Commercial Operating

 

The Company’s commercial operating properties represent a diverse pool of 29 assets across a broad range of geographies and collateral types such as office, retail and hotel properties. These properties generated $31.4 million of revenue offset by $19.7 million of expenses during the quarter. The Company 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 $158.3 million of stabilized commercial operating properties that were 85% leased and generated an unleveraged weighted average effective yield of 9.6% on gross carrying value for the quarter. The Company generated $36.8 million of proceeds from the sale of stabilized commercial operating properties and recorded a $9.1 million gain for the quarter.

 

The remaining commercial operating properties were 58% leased and generated an unleveraged weighted average effective yield of 3.7% on gross carrying value for the quarter. iStar is actively working to lease up and stabilize these properties. During the quarter, the Company executed 35 commercial operating property leases covering approximately 200,000 square feet.

 

Residential Operating

 

At the end of the quarter, the residential operating portfolio was comprised of 702 condominium units, generally located within luxury condominium projects in major U.S. cities. The Company’s strategy is to continue selling its remaining condominium inventory and to maximize net proceeds. During the quarter, the Company sold 109 condominium units, resulting in $61.0 million of proceeds and recorded $15.3 million of income, offset by $5.4 million of expenses.  In addition, the Company recorded a $6.3 million impairment due to a change in business plans.

 

3



 

Land

 

At the end of the quarter, the Company’s land portfolio totaling $975.9 million, gross of accumulated depreciation, was comprised of 11 master planned community projects, nine urban infill land parcels and six waterfront land parcels located throughout the United States. During the quarter, the Company invested $10.7 million in its land portfolio through capital expenditures.

 

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

 

At September 30, 2013, the Company had six land projects in production, 12 in development and 8 in the pre-development phase.

 

4



 

[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 29, 2013. 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, increases in NPLs, the Company’s ability to reduce 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 non-performing loans, 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

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease income

 

$

60,306

 

$

53,029

 

$

175,638

 

$

159,670

 

Interest income

 

24,235

 

31,171

 

78,584

 

104,822

 

Other income

 

11,261

 

9,334

 

35,778

 

36,696

 

Total revenues

 

$

95,802

 

$

93,534

 

$

290,000

 

$

301,188

 

 

 

 

 

 

 

 

 

 

 

COSTS AND EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

63,793

 

$

91,777

 

$

204,516

 

$

271,594

 

Real estate expense

 

37,604

 

37,797

 

112,437

 

111,048

 

Depreciation and amortization

 

18,969

 

16,551

 

53,639

 

49,378

 

General and administrative (1)

 

24,285

 

19,037

 

67,008

 

61,674

 

Provision for loan losses

 

(9,834

)

16,834

 

5,392

 

60,865

 

Impairment of assets

 

6,261

 

1,734

 

6,261

 

8,632

 

Other expense

 

1,495

 

2,394

 

7,266

 

6,754

 

Total costs and expenses

 

$

142,573

 

$

186,124

 

$

456,519

 

$

569,945

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(46,771

)

$

(92,590

)

$

(166,519

)

$

(268,757

)

Gain (loss) on early extinguishment of debt, net

 

(3,498

)

(3,694

)

(28,282

)

(6,858

)

Earnings from equity method investments

 

4,345

 

22,719

 

34,346

 

75,925

 

Income (loss) from continuing operations before income taxes

 

$

(45,924

)

$

(73,565

)

$

(160,455

)

$

(199,690

)

Income tax (expense) benefit

 

3,879

 

(1,791

)

(625

)

(6,540

)

Income (loss) from continuing operations

 

$

(42,045

)

$

(75,356

)

$

(161,080

)

$

(206,230

)

Income (loss) from discontinued operations

 

214

 

(4,534

)

1,256

 

(18,094

)

Gain from discontinued operations

 

9,166

 

 

22,488

 

27,257

 

Income from sales of residential property

 

14,075

 

15,584

 

72,092

 

35,583

 

Net income (loss)

 

$

(18,590

)

$

(64,306

)

$

(65,244

)

$

(161,484

)

Net (income) loss attributable to noncontrolling interests

 

(167

)

666

 

332

 

1,363

 

Net income (loss) attributable to iStar Financial Inc.

 

$

(18,757

)

$

(63,640

)

$

(64,912

)

$

(160,121

)

Preferred dividends

 

(12,830

)

(10,580

)

(36,190

)

(31,740

)

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

 

1,016

 

2,436

 

3,263

 

6,288

 

Net income (loss) allocable to common shareholders

 

$

(30,571

)

$

(71,784

)

$

(97,839

)

$

(185,573

)

 


(1) For the three months ended September 30, 2013 and 2012, includes $4,563 and $3,512 of stock-based compensation expense, respectively.  For the nine months ended September 30, 2013 and 2012, includes $14,484 and $11,625 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 who are eligible to participate in dividends.

 

6



 

iStar Financial Inc.

Earnings Per Share Information

(In thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

ADJUSTED INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Adjusted Income

 

 

 

 

 

 

 

 

 

Net income (loss) allocable to common shareholders

 

$

(30,571

)

$

(71,784

)

$

(97,839

)

$

(185,573

)

Add: Depreciation and amortization

 

19,019

 

16,787

 

53,873

 

51,205

 

Add: Provision for loan losses

 

(9,834

)

16,834

 

5,392

 

60,865

 

Add: Impairment of assets

 

6,785

 

6,542

 

7,181

 

30,061

 

Add: Stock-based compensation expense

 

4,563

 

3,512

 

14,484

 

11,625

 

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

 

3,498

 

3,694

 

16,768

 

6,858

 

Less: HPU/Participating Security allocation

 

(773

)

(1,555

)

(3,153

)

(5,264

)

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

 

$

(7,313

)

$

(25,970

)

$

(3,294

)

$

(30,223

)

 

 

 

 

 

 

 

 

 

 

EPS INFORMATION FOR COMMON SHARES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations (2) 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(0.46

)

$

(0.81

)

$

(1.42

)

$

(2.32

)

Net income (loss)

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(0.36

)

$

(0.86

)

$

(1.15

)

$

(2.22

)

Adjusted income (loss) (1)

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(0.09

)

$

(0.31

)

$

(0.04

)

$

(0.36

)

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

85,392

 

83,629

 

85,116

 

83,765

 

Common shares outstanding at end of period

 

85,402

 

83,639

 

85,402

 

83,639

 

 

 

 

 

 

 

 

 

 

 

EPS INFORMATION FOR HPU SHARES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) attributable to iStar Financial Inc. from continuing operations (2) 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(87.87

)

$

(152.47

)

$

(268.67

)

$

(439.20

)

Net income (loss) attributable to iStar Financial Inc.

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(67.73

)

$

(162.40

)

$

(217.54

)

$

(419.20

)

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

Basic and diluted

 

15

 

15

 

15

 

15

 

 


(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 and impairment of assets exclude adjustments from discontinued operations of $50 and $524, respectively, for the three months ended September 30, 2013 and $236 and $4,808 respectively, for the three months ended September 30, 2012. Depreciation and amortization and impairment of assets exclude adjustments from discontinued operations of $234 and $920, respectively, for the nine months ended September 30, 2013 and $1,827 and $21,429, respectively, for the nine months ended September 30, 2012.

 

(2) Including preferred dividends, net (income) loss from noncontrolling interests and income from sales of residential property.

 

7



 

iStar Financial Inc.

Consolidated Balance Sheets

(In thousands)

(unaudited)

 

 

 

As of

 

As of

 

 

 

September 30, 2013

 

December 31, 2012

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Real estate

 

 

 

 

 

Real estate, at cost

 

$

3,224,167

 

$

3,226,648

 

Less: accumulated depreciation

 

(438,732

)

(427,625

)

Real estate, net

 

$

2,785,435

 

$

2,799,023

 

Real estate available and held for sale

 

410,080

 

635,865

 

 

 

$

3,195,515

 

$

3,434,888

 

 

 

 

 

 

 

Loans receivable, net

 

1,362,752

 

1,829,985

 

Other investments

 

187,510

 

398,843

 

Cash and cash equivalents

 

735,452

 

256,344

 

Restricted cash

 

50,537

 

36,778

 

Accrued interest and operating lease income receivable, net

 

11,791

 

15,226

 

Deferred operating lease income receivable

 

90,209

 

84,735

 

Deferred expenses and other assets, net

 

139,574

 

93,990

 

Total assets

 

$

5,773,340

 

$

6,150,789

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

122,742

 

$

132,460

 

Debt obligations, net

 

4,253,165

 

4,691,494

 

Total liabilities

 

$

4,375,907

 

$

4,823,954

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

12,393

 

13,681

 

 

 

 

 

 

 

Total iStar Financial Inc. shareholders’ equity

 

1,322,962

 

1,238,944

 

Noncontrolling interests

 

62,078

 

74,210

 

Total equity

 

$

1,385,040

 

$

1,313,154

 

 

 

 

 

 

 

Total liabilities and equity

 

$

5,773,340

 

$

6,150,789

 

 

8



 

iStar Financial Inc.

Segment Analysis

(In thousands)

(unaudited)

 

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013

 

Segment Profit (Loss)

 

Real Estate
Finance

 

Net
Lease

 

Operating
Properties

 

Land

 

Corporate
/ Other

 

Total

 

Operating lease income

 

 

$

36,142

 

$

24,164

 

 

 

$

60,306

 

Interest income

 

$

24,235

 

 

 

 

 

24,235

 

Other income

 

1,731

 

 

8,072

 

$

333

 

$

1,125

 

11,261

 

Revenue

 

$

25,966

 

$

36,142

 

$

32,236

 

$

333

 

$

1,125

 

$

95,802

 

Earnings from equity method investments

 

 

$

679

 

$

533

 

$

(2,178

)

$

5,311

 

$

4,345

 

Income from sales of residential property

 

 

 

14,075

 

 

 

14,075

 

Net operating income and gain from discontinued operations (1)

 

 

303

 

9,651

 

 

 

9,954

 

Revenue & other earnings

 

$

25,966

 

$

37,124

 

$

56,495

 

$

(1,845

)

$

6,436

 

$

124,176

 

Real estate expense

 

 

$

(5,223

)

$

(25,178

)

$

(7,203

)

 

$

(37,604

)

Other expense

 

$

(253

)

 

 

 

$

(1,242

)

(1,495

)

Direct expenses

 

$

(253

)

$

(5,223

)

$

(25,178

)

$

(7,203

)

$

(1,242

)

$

(39,099

)

Direct segment profit / loss

 

$

25,713

 

$

31,901

 

$

31,317

 

$

(9,048

)

$

5,194

 

$

85,077

 

Allocated interest expense

 

(16,172

)

(19,066

)

(11,082

)

(7,541

)

(9,932

)

(63,793

)

Allocated general and administrative (2)

 

(3,610

)

(4,282

)

(2,735

)

(2,487

)

(6,608

)

(19,722

)

Segment profit (loss)

 

$

5,931

 

$

8,553

 

$

17,500

 

$

19,076

 

$

11,346

 

$

1,562

 

 

AS OF SEPTEMBER 30, 2013

 

Total Assets

 

Real Estate
Finance

 

Net
Lease

 

Operating
Properties

 

Land

 

Corporate
/ Other

 

Total

 

Real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate, at cost

 

 

$

1,631,017

 

$

777,848

 

$

815,302

 

 

$

3,224,167

 

Less: accumulated depreciation

 

 

(335,301

)

(100,325

)

(3,106

)

 

(438,732

)

Real estate, net

 

 

$

1,295,716

 

$

677,523

 

$

812,196

 

 

$

2,785,435

 

Real estate available and held for sale

 

 

 

262,332

 

147,748

 

 

 

410,080

 

Total real estate

 

 

$

1,295,716

 

$

939,855

 

$

959,944

 

 

$

3,195,515

 

Loans receivable, net

 

$

1,362,752

 

 

 

 

 

1,362,752

 

Other investments

 

 

16,426

 

16,693

 

12,809

 

$

141,582

 

187,510

 

Total portfolio assets

 

$

1,362,752

 

$

1,312,142

 

$

956,548

 

$

972,753

 

$

141,582

 

$

4,745,777

 

Cash and other assets

 

 

 

 

 

 

 

 

 

 

 

1,027,563

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

$

5,773,340

 

 


(1) Includes revenue and real estate expense classified to discontinued operations.

(2) Excludes $4,563 of stock-based compensation expense.

 

9



 

iStar Financial Inc.

Supplemental Information

(In thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

 

September 30, 2013

 

OPERATING STATISTICS

 

 

 

 

 

 

 

Expense Ratio

 

 

 

General and administrative expenses - annualized (A) 

 

$

97,140

 

Average total assets (B) 

 

$

5,860,060

 

Expense Ratio (A) / (B)

 

1.7

%

 

 

 

As of

 

 

 

September 30, 2013

 

Leverage

 

 

 

Book debt

 

$

4,253,165

 

Less: Cash and cash equivalents

 

(735,452

)

Net book debt (C)

 

$

3,517,713

 

 

 

 

 

Book equity

 

$

1,385,040

 

Add: Accumulated depreciation

 

438,732

 

Add: General loan loss reserves

 

27,800

 

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

 

$

1,851,572

 

Leverage (C) / (D)

 

1.9x

 

 

 

 

 

UNENCUMBERED ASSETS / UNSECURED DEBT

 

 

 

 

 

 

 

Unencumbered assets (E) (1)

 

$

3,388,599

 

Unsecured debt (F)

 

$

2,107,491

 

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

 

1.6x

 

 


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

 

10



 

iStar Financial Inc.

Supplemental Information

(In thousands)

(unaudited)

 

LOANS RECEIVABLE CREDIT STATISTICS

 

 

 

As of

 

 

 

September 30, 2013

 

December 31, 2012

 

Carrying value of NPLs /

 

 

 

 

 

 

 

 

 

As a percentage of total carrying value of loans

 

$

235,335

 

19.0

%

$

503,112

 

27.5

%

 

 

 

 

 

 

 

 

 

 

NPL asset specific reserves for loan losses /

 

 

 

 

 

 

 

 

 

As a percentage of gross carrying value of NPLs (1)

 

$

330,900

 

58.4

%

$

476,140

 

48.6

%

 

 

 

 

 

 

 

 

 

 

Total reserve for loan losses /

 

 

 

 

 

 

 

 

 

As a percentage of total gross carrying value of loans (1)

 

$

380,007

 

23.5

%

$

524,499

 

22.3

%

 


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

 

11



 

iStar Financial Inc.

Supplemental Information

(In millions)

(unaudited)

 

PORTFOLIO STATISTICS AS OF SEPTEMBER 30, 2013 (1)

 

Property Type

 

Real Estate
Finance

 

Net
Lease

 

Operating
Properties

 

Land

 

Total

 

% of
Total

 

Land

 

$

165

 

 

 

$

976

 

$

1,141

 

21.9

%

Office

 

10

 

$

414

 

$

310

 

 

734

 

14.1

%

Industrial / R&D

 

90

 

554

 

52

 

 

696

 

13.4

%

Entertainment / Leisure

 

77

 

475

 

 

 

552

 

10.6

%

Hotel

 

237

 

136

 

93

 

 

466

 

8.9

%

Retail

 

233

 

58

 

156

 

 

447

 

8.6

%

Mixed Use / Mixed Collateral

 

239

 

 

191

 

 

430

 

8.2

%

Condominium

 

114

 

 

255

 

 

369

 

7.1

%

Other Property Types

 

225

 

10

 

 

 

235

 

4.5

%

Strategic Investments

 

 

 

 

 

142

 

2.7

%

Total

 

$

1,390

 

$

1,647

 

$

1,057

 

$

976

 

$

5,212

 

100.0

%

 

Geography

 

Real Estate
Finance

 

Net
Lease

 

Operating
Properties

 

Land

 

Total

 

% of
Total

 

West

 

$

146

 

$

429

 

$

223

 

$

369

 

$

1,167

 

22.4

%

Northeast

 

363

 

383

 

163

 

195

 

1,104

 

21.2

%

Southeast

 

282

 

240

 

234

 

80

 

836

 

16.1

%

Southwest

 

181

 

216

 

193

 

119

 

709

 

13.6

%

Mid-Atlantic

 

148

 

124

 

168

 

183

 

623

 

11.9

%

Central

 

83

 

97

 

68

 

9

 

257

 

4.9

%

Northwest

 

53

 

81

 

8

 

21

 

163

 

3.1

%

International

 

124

 

 

 

 

124

 

2.4

%

Various

 

10

 

77

 

 

 

87

 

1.7

%

Strategic Investments

 

 

 

 

 

142

 

2.7

%

Total

 

$

1,390

 

$

1,647

 

$

1,057

 

$

976

 

$

5,212

 

100.0

%

 


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

 

12