NEW YORK, May 4, 2017 /PRNewswire/ -- iStar (NYSE: STAR) today reported results for the quarter ended March 31, 2017.
Highlights
-- Net income (loss) and adjusted income (loss) for the first quarter was $(0.38) and $(0.16), respectively, per diluted common share. -- Transactions consummated subsequent to the end of the first quarter are expected to generate an estimated $240 million of income in the second quarter. -- 2017 full year guidance increased substantially: -- Target net income per diluted common share raised to a range of $2.15 - $2.65 from prior target of $0.65. -- Target adjusted income per diluted common share raised to a range of $3.00 - $3.50 from prior target of $1.50. -- New supplemental earnings report created to accompany release. The supplemental report is available at www.istar.com in the "Investors" section.
First Quarter 2017 Results
iStar reported net income (loss) allocable to common shareholders for the first quarter of $(27.1) million, or $(0.38) per diluted common share, versus $(21.2) million, or $(0.27) per diluted common share for the first quarter 2016.
Adjusted income (loss) allocable to common shareholders for the first quarter was $(11.8) million, or $(0.16) per diluted common share, versus $(0.3) million, or $(0.00) per diluted common share for the first quarter 2016.
Adjusted income represents net income (loss) computed in accordance with GAAP, prior to the effects of certain non-cash items. The calculation of adjusted income and reconciliation to GAAP net income is presented in the financial tables that follow the text of this press release.
Recent Developments
The Company formed a new vehicle, Safety, Income and Growth, Inc. (Safety), to pursue the separate capitalization of iStar's ground net lease (GNL) business. iStar contributed a portfolio of 12 GNL properties to the vehicle, most of which the Company has owned for over 10 years, with a gross book value of $218 million and a net book value of $156 million at March 31, 2017.
On March 30, Safety entered into a $227 million loan agreement providing for 10-year, non-recourse financing secured by the initial portfolio of assets. iStar retained the $220 million of proceeds which was net of $7.4 million of associated costs, while Safety assumed the debt.
Subsequent to the end of the quarter, third party investors acquired, through a merger and related transactions, a 51% equity interest in Safety for $57.5 million in cash, which was paid to iStar. iStar retains a 49% interest in Safety.
As a result of these transactions, iStar received $277 million of net cash proceeds and expects to recognize a gain, net of realized and anticipated costs, of approximately $150 million in the second quarter of 2017.
On April 10, Safety filed an S-11 registration statement with the Securities and Exchange Commission.
Subsequent to the end of the quarter, the Company also received a favorable judgment from the U.S. Court of Appeals for the Fourth Circuit, affirming a prior district court judgment relating to a dispute with Lennar over the purchase and sale of Bevard, a master planned community located in Maryland.
On April 21, iStar conveyed the property to Lennar and received $231 million of proceeds comprised of the remaining purchase price of $114 million and $117 million of interest and real estate taxes, net of costs. Lennar simultaneously filed a petition with the Court of Appeals with respect to approximately $30 million of post-judgment interest awarded to the Company. The amount of attorneys' fees and costs to be recovered by the Company are still to be determined. A third party holds a 4.3% participation interest in all proceeds from the judgment. The Company expects to record approximately $90 million of income in the second quarter, which excludes the portion of interest Lennar has contested and any recovery of attorneys' fees and costs awarded.
"We've reached a critical turning point for the Company," explained Jay Sugarman, iStar's chairman and chief executive officer. "We've spent significant time and effort working to unlock value in our portfolio and explore new areas of investment. Recent favorable developments have left us with over $1 billion of available liquidity on hand which gives us the ability to pursue large white space opportunities and deliver attractive risk-adjusted returns to shareholders."
Portfolio Overview and Investment Activity
At March 31, 2017, the Company's portfolio totaled $4.5 billion, which is gross of $426 million of accumulated depreciation and $18 million of general loan loss reserves.
During the first quarter of 2017, the Company invested a total of $111 million associated with new investments, prior financing commitments and ongoing development across its four segments, and generated $246 million of proceeds from repayments and sales.
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 custom-tailored mezzanine and preferred equity capital positions.
At March 31, 2017, the Company's real estate finance portfolio totaled $1.4 billion. The portfolio is categorized into iStar 3.0 loans, made post January 1, 2008, and legacy loans, which were all made prior to December 31, 2007.
Real Estate Finance Statistics iStar 3.0 Legacy Loans --------- ------------ Gross book value $ 1,176 $223 % of total loan portfolio 84% 16% Performing loans $1,176 $34 Non-performing loans $ - $190 % Performing / Non-performing 100% / 0% 15% / 85% First mortgages / senior loans 71% 30% Mezzanine / subordinated debt 29% 70% --- --- Total 100% 100% Wtd. avg. LTV (1) 62.6% 44.7% Unlevered yield (1) 9.2% 8.6% Wtd. avg. maturity (years) (1) 1.9 2.7 ----------------------------- --- --- Note: Gross book value represents the carrying value of iStar's loans, gross of general reserves. (1) Includes performing loans only.
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 mission-critical facilities leased on a long-term basis to tenants, offering structured 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 $1.5 billion, gross of $370 million of accumulated depreciation. The portfolio was comprised of $1.4 billion of wholly-owned assets and a $92 million equity investment in its net lease joint venture.
Since 2014, the Company has invested in new net lease investments primarily through its net lease joint venture with a sovereign wealth fund, in which it holds a 52% interest. At the end of the quarter, the venture's balance sheet, gross of $21 million of accumulated depreciation, included $537 million of assets, $316 million of liabilities and $198 million of equity (net of a $23 million non-controlling interest).
The overall net lease portfolio totaled 17 million square feet across 33 states. Occupancy for the portfolio was 99% at the end of the quarter, with a weighted average remaining lease term of 14.8 years. The net lease portfolio generated an unleveraged yield of 8.4% for the quarter.
Operating Properties
At the end of the quarter, iStar's operating property portfolio totaled $603 million, gross of $50 million of accumulated depreciation, and was comprised of $531 million of commercial and $72 million of residential real estate properties. During the quarter, the Company invested $7.3 million within its operating properties portfolio and received $11.7 million of proceeds from sales. These sales generated $1.9 million of gains.
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 $26.7 million of revenue offset by $19.8 million of operating expenses during the quarter. At the end of the first quarter, the Company had $339 million of stabilized assets and $192 million of transitional assets. iStar generally seeks to reposition transitional assets with the objective of maximizing their values through the infusion of capital and intensive asset management efforts.
Residential Operating Properties
At the end of the quarter, the $72 million residential operating portfolio was comprised of 41 units generally located within luxury projects in major U.S. cities. The Company sold 7 units during the quarter, generating $10.2 million of proceeds and a $1.9 million gain.
Land & Development
At the end of the quarter, the Company's land & development portfolio totaled $1.0 billion, including 9 master planned communities, 6 waterfront projects and 15 urban/infill developments. These projects are collectively entitled for approximately 15,000 lots and units.
For the quarter, the Company's land and development portfolio generated $20.0 million of revenues, offset by $15.9 million of cost of sales. In addition, the Company earned $3.8 million of earnings from land development equity method investments. During the quarter, the Company invested $29.4 million in its land portfolio.
Capital Markets and Balance Sheet
The Company is capitalized with unsecured and secured debt, preferred equity and common equity. The chart below shows the capital structure of the Company at quarter end, as well as pro forma for several transactions that occurred subsequent to the end of the quarter, including repayment of $275 million of 9.0% unsecured notes, the third party acquisition of a 51% interest in Safety, Income and Growth, Inc. and the resolution of the Bevard litigation.
Capital Structure $ in millions At March 31, 2017 Pro Forma (1) Secured debt $959 $739 Unsecured debt $2,923 $2,649 ------ ------ Total debt $3,882 $3,388 Preferred equity (A) (2) $745 $745 Common equity (B) $246 $494 ---- ---- Total equity $991 $1,239 Accumulated depreciation and amortization and general loan loss reserves (3) (C) $496 $434 Adjusted common equity (B) + (C) $742 $928 Adjusted total equity (A) + (B) + (C) $1,487 $1,673 (1) Pro forma for the repayment of $275 million of 9.0% unsecured notes as well as the transactions described above under the heading "Recent Developments," including the third party acquisition of a 51% interest in Safety, Income and Growth, Inc. and the resolution of the Bevard litigation. (2) Represents liquidation preference value. (3) Accumulated depreciation and amortization includes iStar's proportionate share of accumulated depreciation and amortization relating to equity method investments.
As previously announced, during the first quarter the Company repriced its $500 million senior secured credit facility. The credit facility was repriced at par and bears interest at an annual rate of LIBOR + 3.75% with a 1.00% LIBOR floor, a 75 basis point reduction from the prior rate of LIBOR + 4.50% with a 1.00% LIBOR floor. Call protection was extended for six months. All other terms of the facility, including its July 2020 maturity and 1.25x required collateral coverage, remained the same.
In addition, during the quarter the Company issued $375 million of 6.0% Senior Unsecured Notes due April 2022. The Company used proceeds from the offering to repay its $100 million 5.85% Senior Unsecured notes at maturity, and in April the Company repaid its $275 million 9.0% Senior Unsecured Notes due June 2017.
The Company allowed its $170 million delayed draw secured term loan, which it arranged during the fourth quarter, to expire. The facility was collateralized by the 12 GNLs that serve as Safety's initial portfolio. As previously mentioned, the Company replaced the facility with $227 million of secured debt raised during the first quarter collateralized by the same pool of assets. Both the debt and assets were assumed by the Safety venture.
The Company's weighted average cost of debt for the first quarter was 5.9%. The Company's leverage was 2.0x at the end of the quarter, below the Company's targeted range of 2.0x - 2.5x. The chart below shows the calculation of the Company's leverage, as well as pro forma for several transactions that occurred subsequent to the end of the quarter, including repayment of $275 million of 9.0% unsecured notes, the third party acquisition of a 51% interest in Safety, Income and Growth, Inc. and the resolution of the Bevard litigation.
Leverage $ in millions ------------- At March 31, 2017 Pro Forma (1) ----------------- ------------ Book debt $3,882 $3,388 Less: Cash and cash equivalents (897) (932) ---- ---- Net book debt (A) $2,985 $2,456 Book equity (2) $991 $1,239 Add: Accumulated depreciation and amortization (3) 478 416 Add: General loan loss reserves 18 18 --- --- Sum of book equity, accumulated D&A and general loan loss reserves (B) $1,487 $1,673 Leverage (A) / (B) 2.0x 1.5x (1) Pro forma for the repayment of $275 million of 9.0% unsecured notes as well as the transactions described above under the heading "Recent Developments," including the third party acquisition of a 51% interest in Safety, Income and Growth, Inc. and the resolution of the Bevard litigation. Pro forma cash represents actual cash as of May 3, 2017. (2) Includes preferred equity. (3) Accumulated depreciation and amortization includes iStar's proportionate share of accumulated depreciation and amortization relating to equity method investments.
Liquidity
At the end of the quarter, iStar had unrestricted cash and capacity on its revolving credit facility of $1.1 billion.
Liquidity $ in millions ------------- At March 31, 2017 At May 3, 2017 ----------------- -------------- Unrestricted cash $897 $932 Revolving credit facility capacity $236 $236 ---- ---- Total liquidity $1,133 $1,168
Earnings Guidance
In light of the transactions described above under "Recent Developments," iStar is increasing its target net income and adjusted income guidance for the fiscal year 2017. iStar expects:
-- Target net income per diluted common share range increased to $2.15 - $2.65 as compared to prior target guidance of $0.65. -- Target adjusted income per diluted common share range increased to $3.00 - $3.50 as compared to prior target guidance of $1.50.
This guidance assumes, among other things, that general macro economic conditions continue to remain favorable. Please see the financial tables that follow the text of this press release for a reconciliation from GAAP net income guidance to adjusted income guidance.
Annual Meeting
The Company will host its Annual Meeting of Shareholders at the Harvard Club of New York City, located at 35 West 44th Street, New York, New York 10036 on Tuesday, May 16, 2017 at 9:00 a.m. ET. All shareholders are cordially invited to attend.
-- -- --
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, May 4, 2017. 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 "Investors" 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.
iStar Consolidated Statements of Operations (In thousands) (unaudited) Three Months Ended March 31, --------------- 2016 2017 ---- REVENUES Operating lease income $52,591 $54,937 Interest income 29,058 33,219 Other income 11,864 11,541 Land development revenue 20,050 14,947 ------ ------ Total revenues $113,563 $114,644 -------- -------- COST AND EXPENSES Interest expense $51,193 $57,021 Real estate expense 35,741 34,305 Land development cost of sales 15,910 11,575 Depreciation and amortization 13,067 14,708 General and administrative(1) 25,173 23,102 (Recovery of) provision for loan losses (4,928) 1,506 Impairment of assets 4,413 - Other expense 1,869 740 ----- --- Total costs and expenses $142,438 $142,957 -------- -------- Income (loss) before other items $(28,875) $(28,313) Income from sales of real estate 8,618 10,458 Earnings from equity method investments 5,702 8,267 Income tax benefit (expense) (607) 414 Loss on early extinguishment of debt (210) (125) ---- ---- Net income (loss) $(15,372) $(9,299) Net (income) loss attributable to noncontrolling interests 1,100 942 ----- --- Net income (loss) attributable to iStar $(14,272) $(8,357) Preferred dividends (12,830) (12,830) ------- ------- Net income (loss) allocable to common shareholders $(27,102) $(21,187) ======== ========
_____________________________________________ (1) For the three months ended March 31, 2017 and 2016, includes $5,881 and $4,577 of stock-based compensation expense, respectively.
iStar Supplemental Information (In thousands, except per share data) (unaudited) Three Months Ended March 31, --------------- 2017 2016 ---- ---- ADJUSTED INCOME (1) Reconciliation of Net Income to Adjusted Income ----------------------------------------------- Net income (loss) allocable to common shareholders $(27,102) $(21,187) Add: Depreciation and amortization 15,052 17,172 Add: (Recovery of) provision for loan losses (4,928) 1,506 Add: Impairment of assets 4,413 915 Add: Stock-based compensation expense 5,881 4,577 Add: Loss on early extinguishment of debt 210 125 Less: Losses on charge-offs and dispositions (5,316) (3,416) ------ ------ Adjusted income allocable to common shareholders $(11,790) $(308) ======== ===== (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) 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, the Company modified its 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. Losses on charge-offs and dispositions represents the impact of charge-offs and dispositions realized during the period. These charge-offs and dispositions were taken on assets that were previously impaired for GAAP and reflected in net income but not in Adjusted Income.
Reconciliation of Adjusted Income per Share Guidance to Net Income per Share Guidance For the Year Ending December 31, 2017 ----------------- Targeted Net Income per Diluted Common Share Range $2.15 - $2.65 Add: Depreciation and amortization $0.67 - $0.71 Add: Other non-cash adjustments $0.54 - $0.58 Less: Losses on charge-offs and dispositions ($0.36) - ($0.44) Targeted Adjusted Income per Diluted Common Share Range $3.00 - $3.50
iStar Earnings Per Share Information (In thousands, except per share data) (unaudited) Three Months Ended March 31, --------------- 2017 2016 ---- ---- EPS INFORMATION FOR COMMON SHARES Income (loss) from continuing operations attributable to iStar(1)(2) Basic $(0.38) $(0.27) Diluted $(0.38) $(0.27) Net income (loss) Basic $(0.38) $(0.27) Diluted $(0.38) $(0.27) Adjusted income Basic $(0.16) $ - Diluted $(0.16) $ - Weighted average shares outstanding Basic 72,065 77,060 Diluted (for net income per share) 72,065 77,060 Diluted (for adjusted income per share) 72,065 77,060 Common shares outstanding at end of period 72,105 75,441 (1) Including preferred dividends, net (income) loss attributable to noncontrolling interests and income from sales of real estate.
iStar Consolidated Balance Sheets (In thousands) (unaudited) As of As of March 31, 2017 December 31, 2016 -------------- ----------------- ASSETS Real estate Real estate, at cost $1,896,262 $1,906,592 Less: accumulated depreciation (419,671) (414,840) -------- -------- Real estate, net $1,476,591 $1,491,752 Real estate available and held for sale 71,934 83,764 ------ ------ $1,548,525 $1,575,516 Land and development, net 955,150 945,565 Loans receivable and other lending investments, net 1,381,227 1,450,439 Other investments 197,559 214,406 Cash and cash equivalents 897,487 328,744 Accrued interest and operating lease income receivable, net 12,561 14,775 Deferred operating lease income receivable 97,859 96,420 Deferred expenses and other assets, net 204,148 199,649 ------- ------- Total assets $5,294,516 $4,825,514 ========== ========== LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $192,040 $211,570 Loan participations payable, net 182,087 159,321 Debt obligations, net 3,882,395 3,389,908 --------- --------- $ Total liabilities $4,256,522 3,760,799 Redeemable noncontrolling interests $3,513 $5,031 Total iStar shareholders' equity $991,120 $1,016,564 Noncontrolling interests 43,361 43,120 ------ ------ Total equity $1,034,481 $1,059,684 Total liabilities and equity $5,294,516 $4,825,514 ========== ==========
iStar Segment Analysis (In thousands) (unaudited) FOR THE THREE MONTHS ENDED MARCH 31, 2017 Real Net Operating Land & Corporate Estate Lease Properties Dev / Other Total Finance ------- Operating lease income $ - $36,496 $15,989 $106 $ - $52,591 Interest income 29,058 - - - - 29,058 Other income 76 506 10,355 386 541 11,864 Land development revenue - - - 20,050 - 20,050 Earnings from equity method - 981 632 3,842 247 5,702 investments Income from sales of real - 6,720 1,898 - - 8,618 estate --- Total revenue and other $29,134 $44,703 $28,874 $24,384 $788 $127,883 earnings Real estate expense - (4,726) (21,518) (9,497) - (35,741) Land development cost of - - - (15,910) - (15,910) sales Other expense (605) - - - (1,264) (1,869) Allocated interest expense (11,888) (15,783) (5,606) (8,118) (9,798) (51,193) Allocated general and (3,596) (4,642) (1,755) (3,926) (5,373) (19,292) administrative(1) --- Segment profit (loss) $13,045 $19,552 $(5) $(13,067) $(15,647) $3,878 ======= ======= === ======== ======== ====== (1) Excludes $5,881 of stock-based compensation expense. AS OF MARCH 31, 2017 Real Net Operating Land & Corporate Estate Lease Properties Dev / Other Total Finance ------- Real estate Real estate, at cost $ - $1,368,482 $527,780 $ - $ - $1,896,262 Less: accumulated - (370,168) (49,503) - - (419,671) depreciation --- Real estate, net $ - $998,314 $478,277 $ - $ - $1,476,591 Real estate available - - 71,934 - - 71,934 and held for sale --- Total real estate $ - $998,314 $550,211 $ - $ - $1,548,525 Land and development, - - - 955,150 - 955,150 net Loans receivable and other 1,381,227 - - - - 1,381,227 lending investments, net Other investments - 92,024 3,215 69,454 32,866 197,559 --- ------ ----- ------ ------ ------- Total portfolio assets $1,381,227 $1,090,338 $553,426 $1,024,604 $32,866 $4,082,461 Cash and other assets 1,212,055 --------- Total assets $5,294,516 ==========
iStar Supplemental Information (In thousands) (unaudited) Twelve Months Ended March 31, 2017 OPERATING STATISTICS Expense Ratio ------------- General and administrative expenses - trailing twelve months (A) $86,098 Average total assets (B) $5,211,924 Expense Ratio (A) / (B) 1.7 % As of March 31, 2017 UNENCUMBERED ASSETS / UNSECURED DEBT Unencumbered assets (C)(1) $4,025,124 Unsecured debt (D) $2,945,000 Unencumbered Assets / Unsecured Debt (C) / (D) 1.4x UNFUNDED COMMITMENTS Performance-based commitments(2) $339,735 Strategic investments 45,564 ------ Total Unfunded Commitments $385,299 LOAN RECEIVABLE CREDIT STATISTICS As of March 31, 2017 December 31, 2016 Carrying value of NPLs / As a percentage of total carrying value of loans $189,812 14.6 % $191,696 14.0 % Total reserve for loan losses / As a percentage of total gross carrying value of loans(3) $79,389 5.8 % $85,545 5.9 % (1) Unencumbered assets are calculated in accordance with the indentures governing the Company's unsecured debt securities. (2) Excludes $155.3 million of commitments on loan participations sold that are not the obligation of the Company but are consolidated on the Company's balance sheet. (3) 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 MARCH 31, 2017(1) Property Type Real Net Operating Land & Total % of Estate Lease Properties Dev Total Finance --- ------- Office / Industrial $207 $748 $123 $ - $1,078 24% Land & Development - - - 1,031 1,031 23% Hotel 336 136 103 - 575 13% Entertainment / Leisure - 490 - - 490 11% Mixed Use / Collateral 298 - 174 - 472 10% Condominium 315 - 71 - 386 8% Retail 38 57 132 - 227 5% Other Property Types 206 30 - - 236 5% Strategic Investments - - - - 33 1% --- --- --- --- --- Total $1,400 $1,461 $603 $1,031 $4,528 100% ====== ====== ==== ====== ====== === Geography Real Net Operating Land & Total % of Estate Finance Lease Properties Dev Total --- -------------- ----- ---------- --- ----- Northeast $663 $399 $47 $246 $1,355 30% West 90 358 38 367 853 19% Southeast 168 251 149 138 706 16% Mid-Atlantic 174 154 50 222 600 13% Southwest 51 182 242 26 501 11% Central 164 68 67 32 331 7% Various 90 49 10 - 149 3% Strategic Investments - - - - 33 1% Total $1,400 $1,461 $603 $1,031 $4,528 100% ====== ====== ==== ====== ====== === (1) Based on carrying value of the Company's total investment portfolio, gross of accumulated depreciation and general loan loss reserves.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/istar-announces-first-quarter-2017-results-and-recent-developments-300451445.html
SOURCE iStar