Thu, Feb. 19, 8:11 AM
- Q4 adjusted income of $13.2M or $0.14 per share vs. a loss of $19.1M or $0.23 per share one year ago.
- New investment commitments of $456.4M during quarter, bringing the year's total to $1.3B.
- Real Estate Finance portfolio of $1.41B, with $1.35B of performing loans generating a yield of 9.8% for the quarter. NPLs had a carrying value of $65M, down from $203.6M at the start of the year.
- Net Lease portfolio of $1.68B, totals 19M square feet across 33 states.
- Operating Properties portfolio of $900.4M. Commercial Operating portfolio of $109.4M generated a yield of 7.8% for the Q. Residential Operating portfolio of 332 condo units. Land portfolio totaled $1.08B.
- Conference call at 10 ET
- Previously: iStar Financial reports Q4 results (Feb. 19)
- STAR flat premarket
Thu, Feb. 19, 7:11 AM
Oct. 28, 2014, 11:48 AM
- Q3 adjusted income of $57.7M or $0.48 per share vs. a loss of $7.3M or $0.09 one year ago.
- Investment activity: Funded a total of $205.6M of investments. Generated $512.7M from repayments and sales. Generated $27.8M of gains from sales. $652.8M in cash available at quarter's end.
- Real estate finance portfolio of $1.22B includes $1.13B of performing loans. NPLs have a carrying value of $93.2M, flat from Q2. Loan loss reversal of $700K during Q vs. $9.8M one year ago. Loan loss reserves of $119.9M, or 10.6% of total value of loans.
- Net lease portfolio of $1.7B includes 19M square feet over 33 states. Occupancy of 94.1% at quarter's end. Total portfolio generated unlevered yield of 7.8% for the Q.
- Company repaid $9.7M on its 2012 credit facility during quarter, bringing balance to $382.2M. Weighted average cost of debt of 5.5% flat from Q2, down 20 bps from a year ago.
- Previously: iStar Financial EPS of $0.48
- STAR +3.6%
Oct. 28, 2014, 7:12 AM
Jul. 29, 2014, 10:11 AM
- Adjusted income of $28.9M or $0.34 per share vs. $4.4M and $0.05 one year ago.
- After $1.32B unsecured debt offering in Q2, secured debt now represents just 16% of total debt, down from 49% ahead of the deal.
- Non-performing loans carrying value of $94M fall 54% from the end of Q1.
- New originations during quarter totaled $117M.
- STAR +1.4%
- Previously: iStar Financial EPS of $0.34
Jul. 29, 2014, 7:16 AM
Apr. 29, 2014, 9:53 AM
- Adjusted loss of $5.5M or $0.07 per share compares to $300K loss one year ago.
- Investment activity: $180.8M of new investments, $267.7M in proceeds from portfolio - $102.9M from repayments and sales of loans, $76M from sales of net lease assets, $47.7M from sales of operating properties, and $41.1M of proceeds from other segments. $409.6M of cash awaits future investment opportunities.
- Real estate finance portfolio of $1.51B, with $1.3B of performing loans, and NPLs with carrying value of $203.2M. Q1 reversal of loan loss provision of $3.4M compares to charge of $10.2M one year ago. Loan loss reserves of $370.1M are 21.9% of carrying value of all loans.
- CC at 10 ET
- Source: Press Release
- Previously: iStar Financial EPS of -$0.07
- STAR +0.3%
Apr. 29, 2014, 9:25 AM
Feb. 20, 2014, 9:15 AM
- The company shows continued progress on cutting its non-performing loans, with end-of-year NPLs of $203.6M vs. $235.3 at the end of Q3, and $503.1M a year earlier. For Q4, the company took a loan-loss provision of just $100K vs. $20.9M a year ago.
- The performing loan portfolio size is $1.2B with average LTV of 72% and weighted average maturity of 2.8 years.
- As for putting capital to work, iStar (STAR) funded $218.2M of new investments during the Q. Thus far in 2014, the company has formed a JV with a sovereign wealth fund, with the partners planning to contribute up to a total of $500M in equity to acquire and develop up to $1.25B in net lease assets over time. The first investment is a 410K square foot office and data campus in suburban D.C. net leased to AT&T through 2025.
- CC at 10 ET
- Press release, Q4 results
Feb. 20, 2014, 7:26 AM
Oct. 29, 2013, 9:06 AM
- iStar Financial (SFI): Q3 EPS of -$0.09 vs a $0.31 loss a year ago.
- Progress continues on non-performing loans which fall to $235.3M from $370M at end of Q2. Loan loss reserve release of $9.8M compares to a $5M addition in Q2. Loan loss reserves stand at $380M at end of Q2, or 23.5% of the total loan book.
- Conference call at 10 ET.
- Press release.
Jul. 25, 2013, 11:28 AMMore on iStar Financial (SFI -2.2%) Q2 earnings: Progress on reduction of NPL portfolio stalled, with NPL carrying value growing to $370M from $358.8M in Q1, but CEO Jay Sugarman says during the CC the company's close to additional reductions. Cost of capital falls to 6% from 6.2%. Company has $715.9M in cash to fund further investment activity as originations ramp up. BTIG's Mark Palmer reiterates his Buy as the company continues to progress towards becoming a profitable, dividend-paying REIT. (investor presentation from 7/10) (PR) | Comment!
Jul. 25, 2013, 11:19 AM
Apr. 30, 2013, 8:04 AM
STAR vs. ETF Alternatives
iStar Financial Inc is a finance and investment company focused on commercial real estate industry. It provides investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors.
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