ISTAR INC. NEW YORK, Aug. 4, 2016 /PRNewswire/ -- iStar (NYSE: STAR) today reported results for the second quarter ended June 30, 2016.
Second Quarter 2016 Results
iStar reported net income allocable to common shareholders for the second quarter of $38.1 million, or $0.37 per diluted common share, compared to a loss of $(31.0) million, or $(0.36) per diluted common share for the second quarter 2015.
Adjusted income allocable to common shareholders for the second quarter was $61.1 million, or $0.56 per diluted common share, an increase from $9.1 million, or $0.11 per diluted common share for the second quarter 2015.
Adjusted income represents net income computed in accordance with GAAP, prior to the effects of certain non-cash items. Please see the financial tables that follow the text of this press release for the Company's calculations of adjusted income and reconciliation to GAAP net income (loss).
Investment Activity
During the quarter, iStar funded a total of $118.0 million associated with new investments, prior financing commitments and ongoing development. In addition, the portfolio generated $461.0 million of repayments and sales over the same period.
Portfolio Overview
At June 30, 2016, the Company's portfolio totaled $4.88 billion, which is gross of $433.2 million of accumulated depreciation and $37.0 million of general loan loss reserves.
Real Estate Finance
iStar's real estate finance business targets sophisticated and innovative investors by providing one-stop capabilities that encompass financial alternatives ranging from full envelope senior loans to large scale mezzanine and preferred equity capital positions.
At June 30, 2016, the Company's real estate finance portfolio totaled $1.61 billion, gross of general loan loss reserves. The portfolio included $1.53 billion of performing loans with a weighted average maturity of 2.2 years.
iStar invested $63.9 million and received $183.1 million of proceeds within its real estate finance portfolio during the quarter. During the quarter, the Company sold, at par, participations in two first mortgage investments totaling $219.0 million of commitments, of which the Company had funded $22.8 million at sale.
Performing Loans Statistics
Q2'16 Q1'16 Q2'15
----- ----- -----
First mortgages / senior loans 64% 59% 52%
Mezzanine / subordinated debt 36% 41% 48%
Total 100% 100% 100%
Wtd. avg. LTV 66% 68% 67%
Yield 8.4% 8.5% 8.7%
At June 30, 2016, the Company's non-performing loans (NPLs) had a carrying value of $79.5 million. The Company recorded a $0.7 million provision for loan losses for the quarter.
Net Lease
iStar's net lease business seeks to create stable cash flows through long-term leases to single tenants on its properties. The Company targets corporate customers with mission-critical facilities, offering solutions that combine iStar's capabilities in underwriting, lease structuring, asset management and build-to-suit construction.
At the end of the quarter, iStar's net lease portfolio totaled $1.53 billion, gross of $382.6 million of accumulated depreciation.
Net Lease Statistics
Q2'16 Q1'16 Q2'15
----- ----- -----
Square feet (mm) 17.348 17.742 18.336
Occupancy 98% 97% 96%
Wtd. avg. lease term (yrs) 14.6 14.6 14.3
Yield 8.2% 7.9% 7.9%
During the quarter, the Company sold net lease assets for proceeds of $20.3 million and recorded gains of $4.3 million.
Operating Properties
At the end of the quarter, iStar's operating property portfolio totaled $537.1 million, gross of $43.8 million of accumulated depreciation, and was comprised of $427.1 million of commercial and $110.0 million of residential real estate properties. During the quarter, the Company invested $17.2 million within its operating properties portfolio and received $231.9 million of proceeds from sales, recognizing $60.5 million of gains net of non-controlling interest.
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 $24.4 million of revenue offset by $18.6 million of expenses during the quarter. iStar generally seeks to reposition these assets with the objective of maximizing their values through the infusion of capital and/or intensive asset management efforts resulting in value realization upon sale.
During the quarter, the Company sold two commercial operating properties for $153.1 million of proceeds, recognizing $25.1 million of gains. Over the past twelve months, these properties generated net operating income of $6.6 million. In addition, the Company sold its interest in a venture that held a commercial operating property for $39.8 million and generated $31.5 million of earnings from equity method investments of which $10.1 million is attributable to noncontrolling interests.
"The gains we recognized through this quarter's sales serve as a good example of our maximizing value as we monetize our operating properties," said Jay Sugarman, iStar's Chairman and Chief Executive Officer. "The proceeds generated will allow us to recycle capital into higher return opportunities."
Commercial Operating Property Statistics
Stabilized Operating Transitional Operating Total
Q2'16 Q1'16 Q2'15 Q2'16 Q1'16 Q2'15 Q2'16 Q1'16 Q2'15
----- ----- ----- ----- ----- ----- ----- ----- -----
Gross book value ($mm) $149.3 $140.9 $109.0 $277.8 $429.9 $502.1 $427.1 $570.8 $611.1
Occupancy 86% 85% 88% 63% 66% 57% 73% 73% 67%
Yield 8.2% 8.5% 9.1% 3.2% 3.5% 2.2% 4.6% 4.7% 3.5%
During the quarter, the Company executed commercial operating property leases covering approximately 115,000 square feet.
Residential Operating Properties
At the end of the quarter, the residential operating portfolio was comprised of condominium units generally located within luxury projects in major U.S. cities.
Residential Operating Property Statistics
$ in millions
Q2'16 Q1'16 Q2'15
----- ----- -----
Condominium
units sold 55 19 56
Proceeds $38.7 $19.7 $40.4
Income $14.3 $5.1 $16.5
Land & Development
At the end of the quarter, the Company's land & development portfolio totaled $1.14 billion, with eight projects in production, 10 in development and 12 in the pre-development phase. These projects are collectively entitled for approximately 30,000 lots and units.
Land & Development Portfolio Rollforward
$ in millions
-------------
Beginning balance (3/31/16) $1,126.9
Asset sales(1) (11.8)
Asset transfers in (out)(2) (8.1)
Capital expenditures 30.8
Other 3.8
---
Ending balance (6/30/16) $1,141.6
(1) Represents gross book value of the assets sold, rather than proceeds
received. Cash proceeds received was $25.1 million.
(2) Assets transferred into land segment or out to another segment.
The Company has recently completed construction on two projects within its land & development portfolio:
One Palm
The Company and its partner completed construction of One Palm, a Class A multifamily rental and hotel development in Sarasota, FL. The project includes 138 rental apartments, which are 100% occupied. In addition, the 139-key hotel has averaged occupancy of 77% since opening. iStar projects a first year cash-on-cash return of 24% on its $10.0 million basis. The Company reclassified the asset as a commercial operating property during the second quarter.
1000 South Clark
The Company and its partner completed construction of 1000 South Clark, a 29-story, 469-unit, luxury multifamily development in downtown Chicago. Tenants began moving into the building in April and 242 leases have been signed with stabilization expected by early next year.
In addition, the Company completed significant phases within two of its land & development assets:
Ford Amphitheater
The Company completed construction of the Ford Amphitheater and adjoining public park at the Coney Island Boardwalk. The venue hosted its first concert at the end of June, and has over 40 events scheduled. Construction work continues at the historic Childs building, which will include 20,000 square feet of bar, restaurant and event space adjacent to the amphitheater. The amphitheater serves as an integral part of the Company's future plans at Coney Island, where it owns an additional four acres of developable land.
The Asbury
The Company celebrated the grand opening of The Asbury, an innovative, 110-key hotel, on Memorial Day weekend, marking the first new hotel to open in Asbury Park, NJ in 50 years. The hotel hosts numerous venues, including several unique bars, a rooftop nightclub, open-air movie theater, gameroom, biergarten and resort-style pool. Mentioned as part of Travel + Leisure's Best Places to Travel in 2016, The Asbury is a key element of the Company's plan to develop its additional 30 acres along the oceanfront at Asbury Park.
Land & Development Statistics
$ in millions
Q2'16 Q1'16 Q2'15
----- ----- -----
Land
development
revenue $27.9 $14.9 $6.5
Land
development
cost
of
sales (17.3) (11.6) (5.3)
----- ----- ----
Gross
margin $10.6 $3.3 $1.2
Earnings
from
land
development 2.7 6.7 4.5
equity
method
investments
Total $13.3 $10.0 $5.7
"We're pleased to see momentum continue to build within our land & development portfolio as evidenced by the completion of these four high-profile projects and the receipt of $25 million in sales proceeds," said Geoffrey Jervis, iStar's Chief Operating Officer and Chief Financial Officer. "These proceeds will be redeployed into new investments in future periods."
Capital Markets
During the quarter, iStar entered into a new $450 million senior secured credit facility due July 1, 2020. The new term loan bears interest at a rate of LIBOR plus 4.5% with a 1.0% LIBOR floor and was issued at 99.0% of par. Proceeds from the new facility were used to refinance the $323 million balance of the Company's 7.0% Secured Term Loan due March 2017, partially pay down outstanding borrowings on its Secured Revolving Credit Facility and pay related transaction costs. Outstanding borrowings under the new facility were initially collateralized 1.25x.
Separately, the Company repaid $265 million of unsecured notes due July 1, 2016 during the second quarter using proceeds from its unsecured notes offering completed in March.
The Company's weighted average cost of debt for the second quarter was 5.6%. The Company's leverage was 2.1x at the end of the quarter, within 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.
The Company continued its stock repurchase activity, completing open market purchases during the second quarter of 3.6 million shares for $33.7 million or an average of $9.30 per share. This brings total shares of common stock and common stock equivalents repurchased over the past twelve months to 16.7 million, or 19% of shares outstanding. The Company had 71.9 million shares outstanding at the end of the quarter. During the quarter, the Board of Directors approved an increase in the stock repurchase program to $50.0 million. The repurchase program authorizes the Company to repurchase its common stock from time to time in the open market, through privately negotiated transactions and through one or more trading plans.
At the end of the quarter, iStar had $721.4 million of unrestricted cash and available capacity on its revolving credit facility. The Company expects to maintain larger liquidity balances in anticipation of retiring up to $400.0 million of convertible bonds due in November.
Personnel
During the quarter, the Company welcomed Geoffrey G. Jervis into the newly created role of Chief Operating Officer and Chief Financial Officer. Mr. Jervis brings with him an extensive background in corporate and real estate finance, strategic planning, risk and operations management, and public REIT accounting. Prior to joining iStar, he served as Chief Financial Officer at Stag Industrial, Chief Financial Officer at Blackstone Mortgage Trust and Chief Financial Officer at Capital Trust.
* * *
iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets.
iStar will hold a quarterly earnings conference call at 10:00 a.m. ET today, August 4, 2016. This conference call will be broadcast live over the internet and can be accessed by all interested parties through iStar's website, www.istar.com. To listen to the live call, please go to the website's "Investor" 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 iStar's 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 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'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, the Company's ability to generate income and gains from operating properties and land and other risks detailed from time to time in iStar SEC reports.
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iStar
Consolidated Statements of Operations
(In thousands)
(unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
-------------- --------------
2016 2015 2016 2015
---- ---- ---- ----
REVENUES
Operating lease income $54,518 $56,152 $109,455 $115,291
Interest income 34,400 33,729 67,620 68,625
Other income 10,097 12,761 21,637 23,325
Land development revenue 27,888 6,543 42,835 14,801
------ ----- ------ ------
Total revenues $126,903 $109,185 $241,547 $222,042
-------- -------- -------- --------
COST AND EXPENSES
Interest expense $56,047 $55,824 $113,068 $110,456
Real estate expense 35,438 36,355 69,743 75,989
Land development cost of sales 17,262 5,252 28,838 12,142
Depreciation and amortization 14,474 15,516 29,182 34,017
General and administrative(1) 19,665 20,586 42,768 41,340
Provision for loan losses 700 19,151 2,206 23,444
Impairment of assets 3,012 1,674 3,012 1,674
Other expense 3,182 888 3,922 3,011
----- --- ----- -----
Total costs and expenses $149,780 $155,246 $292,739 $302,073
-------- -------- --------
Income (loss) before other items $(22,877) $(46,061) $(51,192) $(80,031)
Income from sales of real estate 43,484 18,355 53,943 39,511
Earnings from equity method investments 39,447 8,785 47,714 15,332
Income tax (expense) benefit 1,190 (811) 1,604 (6,688)
Loss on early extinguishment of debt (1,457) (44) (1,582) (212)
------ --- ------ ----
Net income (loss) $59,787 $(19,776) $50,487 $(32,088)
Net (income) loss attributable to noncontrolling interests (8,825) 629 (7,883) 2,470
------ --- ------ -----
Net income (loss) attributable to iStar $50,962 $(19,147) $42,604 $(29,618)
Preferred dividends (12,830) (12,830) (25,660) (25,660)
Net (income) loss allocable to HPU holders and (20) 1,027 (11) 1,776
Participating Security holders(2)
---
Net income (loss) allocable to common shareholders $38,112 $(30,950) $16,933 $(53,502)
======= ======== ======= ========
(1) For the three months ended June
30, 2016 and 2015, includes $1,633
and $3,947 of stock-based
compensation expense,
respectively. For the six months
ended June 30, 2016 and 2015,
includes $6,211 and $7,186 of
stock-based compensation expense,
respectively.
(2) HPU Holders were current and
former Company employees who
purchased high performance common
stock units under the Company's
High Performance Unit Program. On
August 13, 2015, the Company
repurchased and retired 100% of
the outstanding HPU shares through
an exchange offer. Participating
Security holders are non-employee
directors who hold common stock
iStar
Earnings Per Share Information
(In thousands, except per share data)
(unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
-------------- --------------
2016 2015 2016 2015
---- ---- ---- ----
EPS INFORMATION FOR COMMON SHARES
Income (loss) from continuing operations attributable to iStar(1)(2)
Basic $0.52 $(0.36) $0.22 $(0.63)
Diluted $0.37 $(0.36) $0.22 $(0.63)
Net income (loss)
Basic $0.52 $(0.36) $0.22 $(0.63)
Diluted $0.37 $(0.36) $0.22 $(0.63)
Adjusted income
Basic $0.83 $0.11 $0.80 $0.18
Diluted $0.56 $0.11 $0.59 $0.18
Weighted average shares outstanding
Basic 73,984 85,541 75,522 85,519
Diluted (for net income per share) 118,510 85,541 104,431 85,519
Diluted (for adjusted income per share) 118,510 114,515 120,066 85,921
Common shares outstanding at end of period 71,891 85,568 71,891 85,568
(1) Including preferred dividends,
net (income) loss attributable to
noncontrolling interests and
income from sales of real estate.
(2) On August 13, 2015, the
Company repurchased and retired
100% of the outstanding high
performance unit (HPU) shares
through an exchange offer.
iStar
Consolidated Balance Sheets
(In thousands)
(unaudited)
As of As of
June 30, 2016 December 31,
2015
------------- -------------
ASSETS
Real estate
Real
estate,
at
cost $1,862,382 $2,050,541
Less:
accumulated
depreciation (426,462) (456,558)
-------- --------
Real
estate,
net $1,435,920 $1,593,983
Real
estate
available
and
held
for
sale 126,070 137,274
------- -------
$1,561,990 $1,731,257
Land
and
development,
net 1,046,013 1,001,963
Loans
receivable
and
other
lending
investments,
net 1,568,439 1,601,985
Other
investments 228,756 254,172
Cash
and
cash
equivalents 521,363 711,101
Accrued
interest
and
operating
lease
income
receivable,
net 13,999 18,436
Deferred
operating
lease
income
receivable 95,767 97,421
Deferred
expenses
and
other
assets,
net 173,070 181,457
------- -------
Total
assets $5,209,397 $5,597,792
========== ==========
LIABILITIES AND EQUITY
Accounts
payable,
accrued
expenses
and
other
liabilities $212,826 $214,835
Loan
participations
payable,
net 186,854 152,086
Debt
obligations,
net 3,770,643 4,118,823
Total
liabilities $4,170,323 $4,485,744
Redeemable
noncontrolling
interests $7,621 $10,718
Total
iStar
shareholders'
equity $985,563 $1,059,112
Noncontrolling
interests 45,890 42,218
------ ------
Total
equity $1,031,453 $1,101,330
Total
liabilities
and
equity $5,209,397 $5,597,792
========== ==========
iStar
Segment Analysis
(In thousands)
(unaudited)
FOR THE THREE MONTHS ENDED JUNE 30, 2016
Real Net Operating
Properties Land & Dev Corporate
Estate Lease / Other Total
Finance
-------
Operating lease income $ - $36,585 $17,828 $105 $ - $54,518
Interest income 34,400 - - - - 34,400
Other income 323 433 7,213 1,167 961 10,097
Land development revenue - - - 27,888 - 27,888
Earnings from equity method investments - 944 31,076 2,688 4,739 39,447
Income from sales of real estate - 4,338 39,146 - - 43,484
--- ----- ------ --- --- ------
Total revenue and other earnings $34,723 $42,300 $95,263 $31,848 $5,700 $209,834
Real estate expense - (4,728) (20,796) (9,914) - (35,438)
Land development cost of sales - - - (17,262) - (17,262)
Other expense (925) - - - (2,257) (3,182)
Allocated interest expense (14,631) (16,464) (5,849) (8,668) (10,435) (56,047)
Allocated general and administrative(1) (3,786) (4,313) (1,638) (3,327) (4,968) (18,032)
------ ------ ------ ------ ------ -------
Segment profit (loss) $15,381 $16,795 $66,980 $(7,323) $(11,960) $79,873
======= ======= ======= ======= ======== =======
(1) Excludes $1,633 of stock-based compensation expense.
AS OF JUNE 30, 2016
Real Net Operating
Properties Land & Dev Corporate Total
Estate Lease / Other
Finance
-------
Real estate
Real estate, at cost $ - $1,464,438 $397,944 $ - $ - $1,862,382
Less: accumulated depreciation - (382,613) (43,849) - - (426,462)
--- -------- ------- --- --- --------
Real estate, net $ - $1,081,825 $354,095 $ - $ - $1,435,920
Real estate available and held for sale - - 126,070 - - 126,070
--- --- ------- --- --- -------
Total real estate $ - $1,081,825 $480,165 $ - $ - $1,561,990
Land and development, net - - - 1,046,013 - 1,046,013
Loans receivable and other lending investments, net 1,568,439 - - - - 1,568,439
Other investments - 67,895 13,065 88,874 58,922 228,756
--- ------ ------ ------ ------ -------
Total portfolio assets $1,568,439 $1,149,720 $493,230 $1,134,887 $58,922 $4,405,198
========== ========== ======== ========== =======
Cash and other assets 804,199
-------
Total assets $5,209,397
==========
iStar
Supplemental Information
(In thousands)
(unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
-------------- --------------
2016 2015 2016 2015
---- ---- ---- ----
ADJUSTED INCOME (1)
Reconciliation of Net Income to Adjusted Income
-----------------------------------------------
Net income (loss) allocable to common shareholders $38,112 $(30,950) $16,933 $(53,502)
Add: Depreciation and amortization 17,335 17,293 34,508 37,365
Add: Provision for (recovery of) loan losses 700 19,151 2,206 23,444
Add: Impairment of assets 3,012 1,674 3,927 6,011
Add: Stock-based compensation expense 1,633 3,947 6,211 7,186
Add: Loss on early extinguishment of debt 1,457 44 1,582 212
Less: Losses on charge-offs and dispositions (1,148) (689) (4,563) (3,196)
Less: HPU/Participating Security allocation (12) (1,330) (28) (2,283)
--- ------ --- ------
Adjusted income allocable to common shareholders $61,089 $9,140 $60,776 $15,237
======= ====== ======= =======
(1) Adjusted Income 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 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. Effective in the
second quarter 2016, we modified
our presentation of Adjusted
Income to include losses on
charge-offs and dispositions of
previously impaired or reserved
assets to provide a more
informative metric for investors
to help evaluate our operating
performance.
iStar
Supplemental Information
(In thousands)
(unaudited)
Twelve Months
Ended
June 30, 2016
-------------
OPERATING STATISTICS
Expense Ratio
-------------
General and administrative expenses -
trailing twelve months (A) $82,705
Average total assets (B) $5,523,105
Expense Ratio (A) / (B) 1.5%
As of
June 30, 2016
-------------
Leverage
--------
Book debt $3,770,643
Less: Cash and cash equivalents (521,363)
--------
Net book debt (C) $3,249,280
Book equity $1,031,453
Add: Accumulated depreciation and
amortization(1) 479,091
Add: General loan loss reserves 37,000
------
Sum of book equity, accumulated D&A and
general loan loss reserves (D) $1,547,544
Leverage (C) / (D) 2.1x
UNENCUMBERED ASSETS / UNSECURED DEBT
Unencumbered assets (E)(2) $4,177,275
Unsecured debt (F) $3,069,722
Unencumbered Assets /Unsecured Debt (E) /
(F) 1.4x
(1) Accumulated depreciation and amortization includes
iStar's 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.
iStar
Supplemental Information
(In thousands)
(unaudited)
As of
June 30, 2016
-------------
UNFUNDED COMMITMENTS
Performance-based commitments(1) $487,135
Strategic investments 45,902
Discretionary fundings 4,258
-----
Total Unfunded Commitments $537,295
LOAN RECEIVABLE CREDIT STATISTICS As of
-----
June 30, 2016 December 31, 2015
------------- -----------------
Carrying value of NPLs /
As a percentage of total carrying value of loans $79,484 5.3% $60,327 3.9%
Total reserve for loan losses /
As a percentage of total gross carrying value of loans(2) $110,371 6.8% $108,165 6.6%
(1) Excludes $230.9 million of commitments on loan participations sold that are not the obligation of the Company but are consolidated on the Company's balance sheet.
(2) Gross carrying value represents iStar's carrying value of loans, gross of loan loss reserves.
iStar
Supplemental Information
(In millions)
(unaudited)
PORTFOLIO STATISTICS AS OF JUNE 30, 2016(1)
Property Type Real Net Lease Operating Land & Total % of
Estate Properties Dev
Finance Total
--- ------- -----
Land & Development $46 $ - $ - $1,142 $1,188 25%
Office / Industrial 161 828 51 - 1,040 22%
Mixed Use / Collateral 458 - 192 - 650 13%
Hotel 350 136 57 - 543 11%
Entertainment / Leisure - 498 - - 498 10%
Condominium 296 - 110 - 406 8%
Retail 66 57 127 - 250 5%
Other Property Types 228 13 - - 241 5%
Strategic Investments - - - - 59 1%
--- --- --- --- --- ---
Total $1,605 $1,532 $537 $1,142 $4,875 100%
====== ====== ==== ====== ====== ===
Geography Real Net Lease Operating Land & Total % of
Estate Properties Dev Total
Finance
--- -------
Northeast $907 $382 $ - $270 $1,559 32%
West 96 393 48 356 893 18%
Southeast 135 237 204 154 730 15%
Mid-Atlantic 173 139 73 207 592 12%
Southwest 53 159 138 148 498 10%
Central 178 80 60 2 320 7%
Various 63 142 14 5 224 5%
Strategic Investments - - - - 59 1%
--- --- --- --- --- ---
Total $1,605 $1,532 $537 $1,142 $4,875 100%
====== ====== ==== ====== ====== ===
(1) Based on carrying value of the Company's total investment portfolio, gross of accumulated depreciation and general loan loss reserves.
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SOURCE iStar
