Press ReleaseE: iStar Financial Inc.
February 15, 2001
NEW YORK, NY -- iStar Financial Inc. (NYSE: SFI) reported that adjusted earnings for the quarter ended December
31, 2000 increased 15% to $0.69 per diluted common share, from $0.60 per diluted share for the quarter ended December
31, 1999. Adjusted earnings for the fourth quarter 2000 totaled $60.1 million on a diluted basis, up 32.6% from
$45.3 million for fourth quarter 1999. Adjusted earnings represent GAAP net income before depreciation and amortization.
Net income allocable to common shareholders for the fourth quarter grew to $46.9 million, or $0.54 per diluted
common share. For the fourth quarter 1999, excluding a one-time, non-cash charge of $94.5 million associated with
the Company's acquisition of its external advisor, net income allocable to common shareholders was $36.1 million,
or $0.49 per diluted share.
In the fourth quarter of 2000, iStar Financial achieved returns on average book assets and average common book
equity of 6.8% and 16.7%, respectively, while leverage remained at 1.2x book equity. Net investment income for
the quarter ended December 31, 2000 increased 25.3% to $66.9 million, from $53.4 million for the fourth quarter
of 1999. Net investment income represents interest and operating lease revenue less interest expense and operating
costs for corporate tenant lease assets. Fourth quarter 2000 total revenue increased 36.7% to $122.3 million, from
$89.5 million for the 1999 period.
Adjusted earnings for the year ended December 31, 2000 were $230.7 million, or $2.67 per diluted share, compared
to $127.8 million, or $2.07 per diluted share for the same period in 1999. Net income allocable to common shareholders
for the year ended December 31, 2000 was $180.7 million, or $2.10 per diluted share. For the same period in 1999,
excluding the one-time advisor acquisition charge, net income allocable to common shareholders was $109.5 million,
or $1.81 per diluted share.
For the fiscal year ended December 31, 2000, iStar Financial generated returns on average book assets and average
common book equity of 6.8% and 16.3%, respectively, while leverage averaged 1.1x book equity. Net investment income
and total revenue increased to $267.3 million and $471.8 million for the year ended December 31, 2000, respectively,
from $158.6 million and $264.8 million, respectively, for the 1999 period.
iStar Financial announced that during the fourth quarter, it closed seven new financing commitments totaling $237.3
million, $117.3 million of which was funded during the quarter. In addition, the Company funded $12.0 million under
six pre-existing commitments and received $157.8 million in principal repayments. For the year ended December 31,
2000, iStar Financial closed over $1 billion in new financing commitments and fundings under pre-existing commitments,
and received $523.1 million in principal repayments. The Company's recent transactions continue to reflect its
core business strategy of originating and acquiring large-balance, structured lending and corporate leasing transactions
secured by high-quality commercial real estate assets in major metropolitan markets across the United States.
Jay Sugarman, iStar Financial's chairman and chief executive officer, commented, ``This year, iStar Financial generated
record earnings in each quarter, and continued to deliver strong risk-adjusted returns on equity using balance
sheet leverage well below that of many other commercial finance companies. More importantly, however, this year
we continued our track record of minimizing credit losses through strict risk management and underwriting discipline,
and further strengthened our leading franchise in structured real estate finance, providing our customers with
over $1 billion in flexible financing solutions. We also continued to add industry-leading investment, capital
markets and asset management talent to our fully-integrated team of professionals.'' Mr. Sugarman added, ``Going
into the new year, I am as confident in our prospects as at any time in our eight-year history.''
Selected Income Statement Data
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2000 1999 2000 1999
Net investment income $66,912 $53,389 $267,267 $158,604
Other income 5,290 4,012 17,855 12,763
Non-interest expense (15,958) (13,369) (69,584) (37,964)
Net income before minority
interest $56,244 $44,032 $215,538 $133,403
Non-recurring advisor charge $-- $(94,476) $-- $(94,476)
Minority interest (72) (41) (195) (41)
Gain on sale of corporate tenant
lease assets -- -- 2,948 --
Extraordinary loss -- early
extinguishment of debt -- -- (705) --
Preferred dividends (9,227) (7,920) (36,908) (23,843)
Net income allocable to common
shareholders $46,945 $(58,405) $180,678 $15,043
Per basic share(A) $0.55 ($0.80) $2.11 $0.25
Per diluted share $0.54 ($0.80) $2.10 $0.25
Adjusted earnings allocable to
common shareholders(B) $60,056 $45,303 $230,688 $127,798
Per basic share $0.70 $0.61 $2.69 $2.19
Per diluted share $0.69 $0.60 $2.67 $2.07
Dividends $0.60 $0.57 $2.40 $1.86
(A) For the quarter and year ended December 31, 1999, net income per basic
common share excludes 1% of net income allocable to iStar Financial's
class B shares. On November 4, 1999, the class B shares were exchanged
for common shares in connection with the Company's acquisition of
TriNet Corporate Realty Trust and related transactions. The Company
now has a single class of common shares outstanding.
(B) Adjusted earnings represent GAAP net income before depreciation and
amortization, and exclude gain on sale of corporate tenant lease
assets and extraordinary loss on early extinguishment of debt.
Selected Balance Sheet Data
(In thousands)
As of As of
December 31, December 31,
2000 1999
(unaudited)
Loans and other lending investments,
net $2,225,183 $2,003,506
Real estate subject to operating
leases, net 1,670,169 1,714,284
Total assets 4,034,775 3,813,552
Debt obligations 2,131,967 1,901,204
Total liabilities 2,240,666 2,009,644
Total shareholders' equity 1,787,885 1,801,343
Transaction Volume
In the fourth quarter of 2000, iStar Financial generated $237.3 million in new financing commitments in seven separate
transactions, representing a diversified mix of senior mortgage loans, corporate lending transactions and corporate
tenant leasing investments. The Company also funded an additional $12.0 million under six pre-existing financing
commitments and received $157.8 million in loan repayments. Mr. Sugarman stated, ``This quarter, we continued to
capitalize on the unsettled conditions in the credit markets by originating senior financings and corporate lease
transactions at attractive yields, while minimizing our exposure to a weakening economy. Under the leadership of
the investment professionals we added in our ACRE Partners acquisition, the corporate tenant investment platform
began to hit its stride this quarter. While loan repayments generally occurred earlier than new investment fundings
this quarter, we expect this circumstance to reverse in the first half of 2001.''
During the quarter, the weighted average first dollar and last dollar loan-to-value ratio on new lending commitments
was 48.4% and 56.9%, respectively. This ratio represents the average beginning and ending points for the Company's
lending exposure in the aggregate capitalization of the underlying properties it finances. In its corporate leasing
business, the Company's new investments this quarter include three transactions with a weighted average lease term
of 13.7 years backed by both investment grade and unrated tenant credits.
Mr. Sugarman commented, ``Given the current market environment, in the fourth quarter we continued to focus on
investments which are either senior in our borrowers' capital structures or secured by diversified corporate credits.
Together with our property-specific mezzanine business line, we continue to target borrowers who are willing to
demonstrate substantial equity commitments or excess collateral to backstop our capital.''
At year-end 2000, first mortgage assets, corporate tenant lease investments and corporate lending assets comprised
30%, 44% and 17% of the Company's asset base, respectively. The weighted average first and last dollar loan-to-value
ratio for all structured finance assets (senior and junior loans) was 25.4% and 71.3%, respectively.
Corporate Tenant Leasing
During the fourth quarter of 2000, the Company executed new leases totaling approximately 1.7 million square feet
of corporate office and industrial facilities, with a weighted average term of 12.6 years. Mr. Sugarman commented,
``Our overriding objective for the corporate tenant lease business is to continue to extend lease maturities in
the former TriNet portfolio and complete new long-term lease investments. By capitalizing on inefficiencies in
the way corporate credit risk is often mispriced when it takes the form of a long-term real estate lease, iStar
Financial seeks to create excess risk adjusted returns from a diversified pool of corporate credits. A key element
of this strategy is to look to credit-backed lease streams and other forms of credit enhancement for a majority
of our returns, as opposed to relying on real estate residual values at the end of the lease term. This philosophy
is consistent with our maintaining the risk/return profile of a conservatively leveraged finance company, and not
of a real estate equity investor.''
As of December 31, 2000, the weighted average lease term of the Company's corporate tenant leasing portfolio was
8.5 years, up from 5.6 years at December 31, 1999. This portfolio was 96.2% leased at the end of the fourth quarter
2000 (98.6% excluding a vacant facility currently being marketed for sale).
Since January of 2000, iStar Financial has executed 4.9 million square feet of new and renewed leases with an average
term of 11.4 years. Of the leases renewed, approximately 35% represented early renewals on leases with more than
12 months remaining on the primary lease term. During the past year, iStar Financial renewed expiring leases at
weighted average lease rates approximately 18.1% higher than those in place prior to the renewals. Remaining lease
expirations for 2001 and 2002 now total just 2.8% and 4.9%, respectively, of annualized operating lease revenues
(1.4% and 2.5% of total revenue, respectively), down from 12.0% and 12.1% at the time of the TriNet acquisition.
Capital Markets
During the fourth quarter, the Company continued to make progress on expanding its sources of short-term and long-term
capital and extending its debt maturities. iStar Financial expanded an existing $675 million secured warehouse
facility to $700 million, increased the range of collateral eligible for inclusion in the facility, and extended
its final maturity to March 2005 from March 2001. In addition, subsequent to quarter end, iStar Financial closed
an additional $700 million secured revolving credit facility with a major commercial bank. Interest rates under
the new facility range from LIBOR + 1.40% to LIBOR + 2.15%, depending upon the collateral contributed to the borrowing
base. The new facility accepts a broad range of structured finance assets and has a final maturity of January 2005.
Spencer B. Haber, iStar Financial's executive vice president-finance and chief financial officer, commented, ``With
$2.4 billion of total credit facilities and a long-term liability structure, we believe we have continued to differentiate
iStar Financial in terms of the breadth and depth of our access to attractively-priced capital, as well as our
match-funding discipline as to both maturities and interest rates. We go into 2001 with a substantial amount of
excess liquidity with which to fuel our investment activities.''
Mr. Haber continued, ``Our balance sheet also remains highly match funded to minimize interest rate risk. Our corporate
policy is to manage our net exposure to short-term interest rate fluctuations such that a 100 basis point change
in rates impacts adjusted earnings per share by no more than 2.5%. Based on current match funding in place, a 100
basis point move in short-term interest rates should impact adjusted earnings per share by less than 1.5%.''
Subsequent to quarter end, Moody's Investors Service upgraded iStar Financial's credit ratings. Moody's upgraded
iStar Financial senior unsecured credit rating to Ba1 from Ba2, and the rating on the Company's perpetual preferred
stock to Ba3 from B1. Mr. Haber stated, ``We are pleased with the Moody's upgrade, and believe that its favorable
ratings action reflects the continuing strength of our business strategy and asset base, and particularly our focus
on risk mitigation and disciplined underwriting. We also acknowledge Moody's upgrade, coming as it does, at a time
when many other lenders are experiencing deteriorating credit conditions. We view this accomplishment as another
step toward our continuing objective of an investment grade corporate credit rating, to which we remain firmly
committed.''
Mr. Haber added, ``Our highest priority for 2001 is to expand iStar Financial's presence within the investment
and research communities. We have built a solid foundation as to the diversity of our capital sources, as well
as our liquidity and match funding objectives. However, we firmly believe that the successful performance of this
business across market cycles has yet to be appropriately reflected in our stock price. As a result, our efforts
are concentrated on enhancing investor communications and increasing research coverage. As large owners of iStar
Financial's stock, all of iStar Financial's employees consider this undertaking to be of paramount importance.''
Credit Risk Management
The Company establishes loss reserves based on a quarterly bottom-up review of each of its structured finance and
corporate tenant lease assets, as well as using top-down guidance from industry-wide loss data and market trends.
On a quarterly basis, the Company conducts a comprehensive credit review, resulting in an individual risk rating
assigned to each asset. Directed by Mr. Sugarman and Timothy O'Connor, iStar Financial's executive vice president
and chief operating officer, attendance at the quarterly review sessions is mandatory for each of the Company's
professional employees. The quarterly meetings are designed to enable management to evaluate and proactively manage
asset-specific credit issues and identify credit trends on a portfolio-wide basis as an ``early warning system.''
During the risk ratings review, each loan is assigned a risk rating from ``one'' to ``five,'' with a ``one'' indicating
superior credit quality, a ``two'' signifying better than average credit quality, ``three'' as an average rating,
a ``four'' indicating that management time and attention is required, and a ``five'' denoting a problem asset with
potential principal risk to the Company. In addition to the ratings system, the Company maintains a ``watch list''
of assets which are typically rated ``four,'' but which require highly proactive asset management to preserve their
current ratings. Each newly originated asset is typically assigned an initial rating of ``three'' (or average).
Based upon the Company's fourth quarter 2000 review, the weighted average risk rating of the Company's structured
finance assets was 2.50, improved from 2.59 for the quarter ended September 30, 2000. The weighted average risk
rating for corporate tenant lease assets at year-end was 2.77. The Company has one loan and one corporate tenant
lease asset currently on its ``watch list,'' with a combined book value of $39.5 million as of December 31, 2000.
The Company remains comfortable that it has adequate collateral to support its book value in both instances.
At year-end, accumulated loss reserves and depreciation represented approximately 1.54% of the gross book value
of the Company's owned receivables (loans and operating leases).
Other Developments
On December 15, 2000, iStar Financial declared a regular quarterly cash dividend of $0.60 per common share for
the quarter ended December 31, 2000. This dividend represents a 5.3% increase over the $0.57 per share dividend
paid for fourth quarter 1999. The fourth quarter 2000 dividend, which was paid on January 12, 2001 to holders of
record as of December 29, 2000, represents approximately 85.7% of basic adjusted earnings per share for the fourth
quarter.
The Company's current policy is to annually review its dividend in the first quarter of each fiscal year. The Company
expects to review its dividend for a potential increase applicable to the first quarter of 2001.
iStar Financial is the leading publicly traded finance company focused on the commercial real estate industry.
The Company provides structured financing to private and corporate owners of real estate nationwide, including
senior and junior mortgage debt, corporate and mezzanine lending, and corporate net lease financing. The Company,
which is taxed as a real estate investment trust, seeks to deliver superior risk-adjusted returns on equity to
shareholders by providing innovative and value-added financing solutions to its customers.
iStar Financial held a quarterly earnings conference call at 11:00 a.m. Eastern time yesterday, February 14, 2000.
This conference call was broadcast live over the Internet and can be accessed by all interested parties through
iStar Financial's Web site, www.istarfinancial.com, under the ``investor
information'' section. For those who are not available to listen to the live broadcast, a replay is available on
the iStar Financial Web site and will remain available for the next sixty days.
(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 completion
of pending investments, continued ability to originate new investments, the availability and cost of capital for
future investments, competition within the finance and real estate industries, economic conditions, and other risks
detailed from time to time in iStar Financial Inc.'s SEC reports.)
iStar Financial Inc.
Consolidated Income Statements
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2000 1999 2000 1999
Revenue:
Interest income $70,916 $55,011 $268,011 $209,848
Operating lease income 46,100 30,460 185,956 42,186
Other income 5,290 4,012 17,855 12,763
Total revenue 122,306 89,483 471,822 264,797
Costs and expenses:
Interest expense 46,863 29,836 173,891 91,184
Operating costs - corporate
tenant lease assets 3,241 2,246 12,809 2,246
Depreciation and amortization 7,939 6,245 34,514 10,340
General and administrative 5,576 3,883 25,706 6,269
Provision for possible credit
losses 1,750 1,250 6,500 4,750
Stock option compensation
expense 693 412 2,864 412
Cost incurred in acquiring
external advisor -- 94,476 -- 94,476
Advisory fees -- 1,579 -- 16,193
Total costs and expenses 66,062 139,927 256,284 225,870
Net income before minority
interest 56,244 (50,444) 215,538 38,927
Minority interest (72) (41) (195) (41)
Gain on sale of corporate
tenant lease assets -- -- 2,948 --
Extraordinary loss - early
extinguishment of debt -- -- (705) --
Net income $56,172 ($50,485) $217,586 $38,886
Preferred dividends (9,227) (7,920) (36,908) (23,843)
Net income allocable to common
shareholders $46,945 ($58,405) $180,678 $15,043
Net income per common share:
Basic(A) $0.55 ($0.80) $2.11 $0.25
Diluted $0.54 ($0.80) $2.10 $0.25
Weighted average common shares
outstanding:
Basic 85,731 73,427 85,441 57,749
Diluted 86,530 73,427 86,151 60,393
(A) For the quarter and year ended December 31, 1999, net income per basic
common share excludes 1% of net income allocable to iStar Financial's
class B shares. On November 4, 1999, the class B shares were exchanged
for common shares in connection with the Company's acquisition of
TriNet and related transactions. As a result, the Company now has a
single class of common shares outstanding.
iStar Financial Inc.
Consolidated Income Statements
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2000 1999 2000 1999
ADJUSTED EARNINGS PER SHARE:
Net income $56,172 ($50,485) $217,586 $38,886
Add: Depreciation 7,939 6,414 34,514 11,016
Add: Joint venture depreciation 1,039 365 3,662 365
Add: Amortization 3,900 1,857 13,140 6,121
Add: Cost incurred in acquiring
external advisor -- 94,476 -- 94,476
Less: Preferred dividends (9,227) (7,920) (36,908) (23,843)
Less: Net income allocable to
Class B shares -- (91) -- (826)
Less: Gain on sale of corporate
tenant lease assets -- -- (2,948) --
Add: Extraordinary loss - early
extinguishment of debt -- -- 705 --
Adjusted earnings allocable to
common shareholders:
Basic $59,823 $44,616 $229,751 $126,195
Diluted $60,056 $45,303 $230,688 $127,798
Adjusted earnings per common share:
Basic(A) $0.70 $0.61 $2.69 $2.19
Diluted $0.69 $0.60 $2.67 $2.07
Weighted average common shares
outstanding:
Basic 85,731 73,427 85,441 57,749
Diluted 86,902 75,348 86,523 61,750
(A) For the quarter and year ended December 31, 1999, net income per basic
common share excludes 1% of net income allocable to iStar Financial's
class B shares. On November 4, 1999, the class B shares were exchanged
for common shares in connection with the Company's acquisition of
TriNet and related transactions. As a result, the Company now has a
single class of common shares outstanding.
iStar Financial Inc.
Consolidated Balance Sheets
(In thousands)
As of As of
December 31, December 31,
2000 1999
(unaudited)
ASSETS
Loans and other lending investments,
net $2,225,183 $2,003,506
Real estate subject to operating
leases, net 1,670,169 1,714,284
Cash and cash equivalents 22,752 34,408
Restricted cash 20,441 10,195
Marketable securities 41 4,344
Accrued interest and operating lease
income receivable 20,167 16,211
Deferred operating lease income
receivable 10,236 1,147
Other assets 65,786 29,457
Total assets $4,034,775 $3,813,552
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and other
liabilities $52,038 $54,773
Dividends payable 56,661 53,667
Debt obligations:
Unsecured senior notes 356,509 353,520
Unsecured revolving credit
facilities 173,450 186,700
Secured revolving credit
facilities 592,349 762,936
Secured term loans 349,060 559,288
iStar Asset Receivables
secured notes 588,334 --
Other debt obligations 72,265 38,760
Total liabilities $2,240,666 $2,009,644
Minority interest 6,224 2,565
Shareholders' equity 1,787,885 1,801,343
Total liabilities and
shareholders' equity $4,034,775 $3,813,552
iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)
PERFORMANCE STATISTICS
Three Months Ended Year Ended
Return on Average Book Assets December 31, December 31,
2000 2000
Adjusted Basic Earnings to Common
Shareholders $59,823 $229,751
Plus: Preferred Dividends 9,227 36,908
Adjusted Basic Earnings before
Preferred Dividends $69,050 $266,659
Adjusted Basic Earnings before
Preferred Dividends - Annualized (A) $276,200 $266,659
Average Total Book Assets (B) $4,054,751 $3,924,164
Return on Average Book Assets (A)/(B) 6.8% 6.8%
Return on Average Common Book Equity
Adjusted Basic Earnings to Common
Shareholders $59,823 $229,751
Adjusted Basic Earnings to Common
- Annualized (C) $239,292 $229,751
Average Total Book Equity $1,815,882 $1,794,614
Less: Book Value of Preferred Equity (382,000) (382,000)
Average Common Book Equity (D) $1,433,882 $1,412,614
Return on Average Common Book Equity©/(D) 16.7% 16.3%
Efficiency Ratio
General & Administrative Expenses $5,576 $25,706
Plus: Stock Option Compensation
Expense 693 2,864
Total Corporate Overhead (E) $6,269 $28,570
Total Revenue (F) $122,306 $471,822
Efficiency Ratio (E)/(F) 5.1% 6.1%
CREDIT STATISTICS
As of
Book Debt/Equity December 31,
2000
Book Debt (A) $2,131,967
Total Book Equity (B) 1,787,885
Book Debt/Book Equity (A)/(B) 1.2x
iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)
CREDIT STATISTICS Three Months Ended Year Ended
December 31, 2000 December 31, 2000
Interest Coverage
EBITDA(a) (A) $111,046 $423,943
GAAP Interest
Expense (B) $46,863 $173,891
EBITDA/GAAP
Interest Expense (A)/(B) 2.4x 2.4x
Fixed Charge Coverage
EBITDA(a) (C) $111,046 $423,943
GAAP Interest
Expense $46,863 $173,891
Plus: Preferred
Dividends 9,227 36,908
Total Fixed Charges (D) $56,090 $210,799
EBITDA/Fixed
Charges (C)/(D) 2.0x 2.0x
FINANCING VOLUME SUMMARY STATISTICS
Three Months Ended LOAN ORIGINATIONS
December 31, 2000
Total/
Floating Weighted CORPORATE
Fixed Rate Rate Average(b) LEASING
Amount Committed $15,000 $98,374 $113,374 $123,932
Amount Funded $15,000 $60,000 $75,000 $42,305
Weighted Average
GAAP Yield 19.18% 12.86% 13.70% 10.14%
Weighted Average
All-In Spread/Margin
(basis points)(c) +1,329 +621 -- +456
First $ Loan-to-Value
Ratio 26.3% 51.7% 48.4% --
Last $ Loan-to-Value
Ratio 37.7% 59.8% 56.9% --
Year Ended December 31, 2000 LOAN ORIGINATIONS
Total/
Floating Weighted CORPORATE
Fixed Rate Rate Average(b) LEASING
Amount Committed $275,330 $464,475 $739,805 $222,246
Amount Funded $270,330 $400,930 $671,260 $128,797
Weighted Average
GAAP Yield 12.81% 74% 12.14% 11.47%
Weighted Average All-In
Spread/Margin
(basis points)(c) +674 +533 -- +547
First $ Loan-to-Value
Ratio 32.7% 24.9% 27.8% --
Last $ Loan-to-Value
Ratio 75.3% 57.1% 63.9% --
(a) EBITDA is calculated as total revenue minus the sum of general and
administrative expenses, provision for possible credit losses, stock
option compensation expense and operating costs on corporate tenant
lease assets.
(b) Weighted average based on amount committed.
(c) Based on average quarterly one-month LIBOR (floating rate loans) and
U.S. Treasury rates (fixed rate loans) during the quarter.
iStar Financial Inc.
Supplemental Information
(as of and for the three-month period ended December 31, 2000)
(In thousands)
(unaudited)
UNFUNDED COMMITMENTS As of
December 31, 2000
Number of Loans with Unfunded Commitments 9
Discretionary Commitments $83,518
Non-Discretionary Commitments 67,570
Total Unfunded Commitments $151,088
Estimated Weighted Average
Funding Period Approximately 2 years
iStar Financial Inc.
Supplemental Information
(as of and for the three-month period ended December 31, 2000)
(In thousands)
(unaudited)
PORTFOLIO STATISTICS AS OF DECEMBER 31, 2000 (A)
Security Type $ %
First Mortgages $1,191 30.1%
Second Mortgages 340 8.6%
Corporate/Partnership Loans/Other 688 17.4%
Corporate Tenant Leases 1,737 43.9%
Total $3,956 100.0%
Collateral Type $ %
Office $1,919 48.5%
Industrial/R&D 402 10.2%
Retail 115 2.9%
Hotel 798 20.2%
Mixed Use 146 3.7%
Apartment/Residential 270 6.8%
Homebuilder/Land 128 3.2%
Resort/Entertainment 178 4.5%
Total $3,956 100.0%
Product Line $ %
Structured Finance $948 24.0%
Portfolio Finance 371 9.4%
Loan Acquisition 479 12.1%
Corporate Lending 421 10.6%
Corporate Tenant Leasing 1,737 43.9%
Total $3,956 100.0%
Collateral Location $ %
West $1,251 31.6%
Southwest 100 2.5%
South 644 16.3%
Central 277 7.0%
North Central 71 1.8%
Northeast 678 17.1%
Mid-Atlantic 361 9.1%
Southeast 395 10.0%
Northwest 179 4.6%
Total $3,956 100.0%
(A) Figures presented prior to loan loss reserves and accumulated
depreciation.
SOURCE: iStar Financial Inc.