- Third quarter new financing commitments reach record $1.95
billion in 37 separate transactions, up 138% year-over-year. NEW
YORK, Oct. 26 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE:
SFI), the leading publicly traded finance company focused on the
commercial real estate industry, today reported results for the
third quarter ended September 30, 2006. iStar reported adjusted
earnings for the quarter of $0.90 per diluted common share. This
compares with $0.98 per diluted common share for the third quarter
2005, which included significant prepayment fees associated with
two loans in the Company's portfolio. Adjusted earnings allocable
to common shareholders for the third quarter 2006 were $103.1
million on a diluted basis, compared to $112.2 million for the
third quarter 2005. Included in the third quarter 2006 results was
a previously disclosed $4.5 million, or $0.04 per diluted common
share, non-cash cumulative charge related to adjustments in the
historical discount assumptions underlying certain of iStar's stock
based compensation plans. Adjusted earnings represents net income
computed in accordance with GAAP, adjusted for preferred dividends,
depreciation, depletion, amortization and gain (loss) from
discontinued operations. Net income allocable to common
shareholders for the third quarter was $91.8 million, or $0.80 per
diluted common share, compared to $46.8 million, or $0.41 per
diluted common share, for the third quarter 2005. Please see the
financial tables that follow the text of this press release for a
detailed reconciliation of adjusted earnings to GAAP net income.
Net investment income for the quarter was $115.7 million, compared
to $46.7 million for the third quarter of 2005. The year-over-year
increase in net investment income was primarily due to growth of
the Company's loan portfolio, as well as $44.3 million of expenses
associated with the prepayment of the Company's STARs asset-backed
notes in the third quarter of 2005. Net investment income
represents interest income, operating lease income and equity in
earnings from joint ventures, less interest expense, operating
costs for corporate tenant lease assets and loss on early
extinguishment of debt. The Company announced that during the third
quarter, it closed a record 37 new financing commitments, for a
total of $1.95 billion, up 138% year-over- year. Of that amount,
$1.41 billion was funded during the third quarter. In addition, the
Company funded $154.2 million under pre-existing commitments and
received $621.9 million in principal repayments. Additionally, the
company completed the sale of a non-core, back-office technology
facility for $32.5 million net of costs, resulting in a net book
gain of approximately $17.3 million. Cumulative repeat customer
business totaled $11.1 billion at September 30, 2006. For the
quarter ended September 30, 2006, the Company generated return on
average common book equity of 20.7%. The Company's debt to book
equity plus accumulated depreciation/depletion and loan loss
reserves, all as determined in accordance with GAAP, was 2.6x at
quarter end. The Company's net finance margin, calculated as the
rate of return on assets less the cost of debt, was 3.35% for the
quarter. Capital Markets Summary During the third quarter, the
Company issued $700 million of fixed rate 5.95% senior unsecured
notes due 2013 and $500 million of floating rate senior unsecured
notes due 2009. The floating rate notes bear interest at a rate per
annum equal to 3-month LIBOR plus 0.34%. In addition, the Company
recently completed an exchange offer and consent solicitation for
the exchange of the Company's outstanding 8.75% Notes due 2008 for
its newly issued 5.95% Senior Notes due 2013. As of September 30,
2006, the Company had $696.4 million outstanding under $2.7 billion
in credit facilities. Consistent with its match funding policy
under which a one percentage point change in interest rates cannot
impact adjusted earnings by more than 2.5%, as of September 30,
2006, a 100-basis- point increase in rates would have increased the
Company's adjusted earnings by 0.75%. Earnings Guidance Consistent
with the Securities and Exchange Commission's Regulation FD and
Regulation G, iStar Financial comments on earnings expectations
within the context of its regular earnings press releases. For
fiscal year 2006, the Company is increasing earnings guidance, and
now expects to report diluted adjusted earnings per share of $3.50
- $3.60, and diluted GAAP earnings per share of $2.70 - $2.80,
based on expected net asset growth of approximately $2.0 billion.
For fiscal year 2007, the Company expects diluted adjusted earnings
per share of $3.80 - $4.00 and diluted earnings per share of $2.70
- $2.90, based on expected net asset growth of approximately $3.0
billion. The Company continues to expect to fund its net asset
growth with a combination of unsecured debt and equity. Risk
Management At September 30, 2006, first mortgages, participations
in first mortgages, senior loans and corporate tenant lease
investments collectively comprised 83.8% of the Company's asset
base versus 88.2% in the prior quarter. The Company's loan
portfolio consisted of 59.6% floating rate and 40.4% fixed rate
loans, with a weighted average maturity of 4.3 years. The weighted
average first and last dollar loan-to-value ratio for all
structured finance assets was 15.6% and 64.7%, respectively. At
quarter end, the Company's corporate tenant lease assets were 94.5%
leased with a weighted average remaining lease term of 10.8 years.
At September 30, 2006, the weighted average risk ratings of the
Company's structured finance and corporate tenant lease assets were
2.75 and 2.39, respectively. During the quarter, the Company
wrote-off $5.5 million of the book value of a $5.7 million
mezzanine loan on a class A office building in the mid-west. The
write-off was primarily due to a projected decrease in property
cash flow resulting from an unexpected lease termination at the
property. The write-off was applied to the Company's loan loss
reserves and had no impact to third quarter 2006 earnings. At
September 30, 2006, the Company's non-performing loan assets (NPLs)
represented 0.18% of total assets. NPLs represent loans on
non-accrual status. At September 30, 2006, the Company had two
loans on non-accrual status. In addition, one asset was removed and
two assets were added to the watch list this quarter, with watch
list assets representing 1.09% of total assets at September 30,
2006. The Company is currently comfortable that it has adequate
collateral to support the book value for each of the watch list
assets. Dividend On October 2, 2006, iStar Financial declared a
regular quarterly dividend of $0.77. The third quarter dividend
will be payable on October 30, 2006 to shareholders of record on
October 16, 2006. [Financial Tables to Follow] * * iStar Financial
Inc. is the leading publicly traded finance company focused on the
commercial real estate industry. The Company primarily provides
custom tailored financing to high end private and corporate owners
of real estate, including senior and mezzanine real estate debt,
senior and mezzanine corporate capital, corporate net lease
financing and equity. The Company, which is taxed as a real estate
investment trust ("REIT"), seeks to deliver strong dividends and
superior risk-adjusted returns on equity to shareholders by
providing innovative and value added financing solutions to its
customers. iStar Financial will hold a quarterly earnings
conference call at 10:00 a.m. EDT today, October 26, 2006. This
conference call will be broadcast live over the Internet and can be
accessed by all interested parties through iStar Financial's
website, http://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 Inc.'s
expectations include completion of pending investments, continued
ability to originate new investments, the mix of originations
between structured finance and corporate tenant lease assets,
repayment levels, the timing of receipt of prepayment penalties,
the availability and cost of capital for future investments,
competition within the finance and real estate industries, economic
conditions, loss experience and other risks detailed from time to
time in iStar Financial Inc.'s SEC reports.) Selected Income
Statement Data (In thousands) (unaudited) Three Months Ended Nine
Months Ended September 30, September 30, 2006 2005 2006 2005 Net
investment income $115,678 $46,681 $336,404 $234,068 Other income
20,369 43,789 54,547 69,861 Non-interest expense (49,054) (33,851)
(130,028) (102,012) Minority interest in consolidated entities
(291) (401) (1,360) (681) Income from continuing operations $86,702
$56,218 $259,563 $201,236 Income from discontinued operations 684
1,765 1,774 5,400 Gain from discontinued operations 17,264 552
21,800 958 Preferred dividend requirements (10,580) (10,580)
(31,740) (31,740) Net income allocable to common shareholders and
HPU holders (1) $94,070 $47,955 $251,397 $175,854 (1) HPU holders
are Company employees who purchased high performance common stock
units under the Company's High Performance Unit Program. Selected
Balance Sheet Data (In thousands) As of As of September 30, 2006
December 31, 2005 (unaudited) Loans and other lending investments,
net $6,123,911 $4,661,915 Corporate tenant lease assets, net
3,113,402 3,115,361 Other investments 395,054 240,470 Total assets
10,313,457 8,532,296 Debt obligations 7,517,251 5,859,592 Total
liabilities 7,723,786 6,052,114 Total shareholders' equity
2,535,014 2,446,671 iStar Financial Inc. Consolidated Statements of
Operations (In thousands, except per share amounts) (unaudited)
Three Months Ended Nine Months Ended September 30, September 30,
2006 2005 2006 2005 REVENUES Interest income $153,053 $100,833
$414,177 $299,118 Operating lease income 83,170 75,920 248,810
226,852 Other income 20,369 43,789 54,547 69,861 Total revenue
256,592 220,542 717,534 595,831 COSTS AND EXPENSES Interest expense
115,262 80,731 310,147 231,336 Operating costs - corporate tenant
lease assets 6,726 5,718 18,932 16,778 Depreciation and
amortization 19,562 17,891 57,980 52,993 General and administrative
(1) 27,492 15,960 67,048 46,769 Provision for loan losses 2,000 -
5,000 2,250 Loss on early extinguishment of debt - 44,362 - 44,362
Total costs and expenses 171,042 164,662 459,107 394,488 Income
from continuing operations before other items 85,550 55,880 258,427
201,343 Equity in earnings from joint ventures 1,443 739 2,496 574
Minority interest in consolidated entities (291) (401) (1,360)
(681) Income from continuing operations 86,702 56,218 259,563
201,236 Income from discontinued operations 684 1,765 1,774 5,400
Gain from discontinued operations 17,264 552 21,800 958 Net income
104,650 58,535 283,137 207,594 Preferred dividends (10,580)
(10,580) (31,740) (31,740) Net income allocable to common
shareholders and HPU holders $94,070 $47,955 $251,397 $175,854 Net
income per common share Basic $0.81 $0.41 $2.16 $1.53 Diluted (2)
$0.80 $0.41 $2.14 $1.51 Net income per HPU share Basic (3) $153.27
$78.47 $409.67 $289.00 Diluted (2) (4) $153.67 $77.67 $411.47
$286.07 (1) For the three months ended September 30, 2006 and 2005,
includes $6,407 and $718 of stock-based compensation expense. For
the nine months ended September 30, 2006 and 2005, includes $9,357
and $2,000 of stock-based compensation expense. (2) For the three
months ended September 30, 2006, includes the allocable share of
$30 of joint venture income. For the nine months ended September
30, 2006, includes the allocable share of $86 of joint venture
income. (3) For the three months ended September 30, 2006 and 2005,
$2,299 and $1,177 of net income is allocable to HPU holders,
respectively. For the nine months ended September 30, 2006 and
2005, $6,145 and $4,335 of net income is allocable to HPU holders,
respectively. (4) For the three months ended September 30, 2006 and
2005, $2,275 and $1,165 of net income is allocable to HPU holders,
respectively. For the nine months ended September 30, 2006 and
2005, $6,086 and $4,291 of net income is allocable to HPU holders,
respectively. iStar Financial Inc. Earnings Per Share Information
(In thousands, except per share amounts) (unaudited) Three Months
Ended Nine Months Ended September 30, September 30, 2006 2005 2006
2005 EPS INFORMATION FOR COMMON SHARES Income from continuing
operations per common share (1) Basic $0.66 $0.39 $1.96 $1.47
Diluted (2) $0.65 $0.39 $1.94 $1.46 Net income per common share
Basic $0.81 $0.41 $2.16 $1.53 Diluted (2) $0.80 $0.41 $2.14 $1.51
Weighted average common shares outstanding Basic 113,318 112,835
113,281 112,313 Diluted (2) 114,545 114,021 114,439 113,502 EPS
INFORMATION FOR HPU SHARES Income from continuing operations per
HPU share (1) Basic $124.00 $74.67 $371.27 $278.53 Diluted (2)
$124.73 $73.93 $373.40 $275.73 Net income per HPU share (3) Basic
$153.27 $78.47 $409.67 $289.00 Diluted (2) $153.67 $77.67 $411.47
$286.07 Weighted average HPU shares outstanding Basic 15 15 15 15
Diluted (2) 15 15 15 15 (1) For the three months ended September
30, 2006 and 2005, excludes preferred dividends of $10,580. For the
nine months ended September 30, 2006 and 2005, excludes preferred
dividends of $31,740. (2) For the three months ended September 30,
2006, includes the allocable share of $30 of joint venture income.
For the nine months ended September 30, 2006, includes the
allocable share of $86 of joint venture income. (3) As more fully
explained in the Company's quarterly SEC filings, three plans of
the Company's HPU program vested in December 2002, December 2003
and December 2004, respectively. Each of the respective plans
contain 5 HPU shares. Cumulatively, these 15 shares were entitled
to $2,299 and $1,177 of net income for the three months ended
September 30, 2006 and 2005, respectively, and $6,145 and $4,335 of
net income for the nine months ended September 30, 2006 and 2005,
respectively. On a diluted basis, these cumulative 15 shares were
entitled to $2,275 and $1,165 of net income for the three months
ended September 30, 2006 and 2005, respectively, and $6,086 and
$4,291 of net income for the nine months ended September 30, 2006
and 2005, respectively. iStar Financial Inc. Reconciliation of
Adjusted Earnings to GAAP Net Income (In thousands, except per
share amounts) (unaudited) Three Months Ended Nine Months Ended
September 30, September 30, 2006 2005 2006 2005 ADJUSTED EARNINGS
(1) Net income $104,650 $58,535 $283,137 $207,594 Add:
Depreciation, depletion and amortization 20,758 19,485 61,791
56,016 Add: Joint venture income 32 31 92 105 Add: Joint venture
depreciation and amortization 2,645 2,704 8,093 5,546 Add:
Amortization of deferred financing costs 5,403 45,336 17,671 60,837
Less: Preferred dividends (10,580) (10,580) (31,740) (31,740) Less:
Gain from discontinued operations (17,264) (552) (21,800) (958)
Adjusted earnings allocable to common shareholders and HPU holders:
Basic $105,612 $114,928 $317,152 $297,295 Diluted $105,644 $114,959
$317,244 $297,400 Adjusted earnings per common share: Basic (2)
$0.91 $0.99 $2.73 $2.58 Diluted (3) $0.90 $0.98 $2.71 $2.56
Weighted average common shares outstanding: Basic 113,318 112,835
113,281 112,313 Diluted 114,545 114,073 114,439 113,560 Common
shares outstanding at end of period: Basic 113,820 113,096 113,820
113,096 Diluted 115,053 114,333 115,053 114,333 (1) Adjusted
earnings should be examined in conjunction with net income as shown
in the Consolidated Statements of Operations. Adjusted earnings
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 this measure indicative of funds available to
fund the Company's cash needs or available for distribution to
shareholders. Rather, adjusted earnings is an additional measure
the Company uses to analyze how its business is performing. It
should be noted that the Company's manner of calculating adjusted
earnings may differ from the calculations of similarly-titled
measures by other companies. (2) For the three months ended
September 30, 2006 and 2005, excludes $2,581 and $2,820 of net
income allocable to HPU holders, respectively. For the nine months
ended September 30, 2006 and 2005, excludes $7,752 and $7,324 of
net income allocable to HPU holders, respectively. (3) For the
three months ended September 30, 2006 and 2005, excludes $2,554 and
$2,791 of net income allocable to HPU holders, respectively. For
the nine months ended September 30, 2006 and 2005, excludes $7,678
and $7,248 of net income allocable to HPU holders, respectively.
iStar Financial Inc. Consolidated Balance Sheets (In thousands) As
of As of September 30, 2006 December 31, 2005 (unaudited) ASSETS
Loans and other lending investments, net $6,123,911 $4,661,915
Corporate tenant lease assets, net 3,113,402 3,115,361 Other
investments 395,054 240,470 Investments in joint ventures 194,985
202,128 Assets held for sale 12,016 - Cash and cash equivalents
177,042 115,370 Restricted cash 74,474 28,804 Accrued interest and
operating lease income receivable 67,794 32,166 Deferred operating
lease income receivable 73,432 76,874 Deferred expenses and other
assets 72,144 50,005 Goodwill 9,203 9,203 Total assets $10,313,457
$8,532,296 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable,
accrued expenses and other liabilities $206,535 $192,522 Debt
obligations: Unsecured senior notes 6,255,420 4,108,477 Unsecured
revolving credit facilities 696,414 1,242,000 Secured term loans
467,422 411,144 Other debt obligations 97,995 97,971 Total
liabilities 7,723,786 6,052,114 Minority interest in consolidated
entities 54,657 33,511 Shareholders' equity 2,535,014 2,446,671
Total liabilities and shareholders' equity $10,313,457 $8,532,296
iStar Financial Inc. Supplemental Information (In thousands)
(unaudited) PERFORMANCE STATISTICS Three Months Ended Net Finance
Margin September 30, 2006 Weighted average GAAP yield of loan and
CTL investments 10.21% Less: Cost of debt (6.86%) Net Finance
Margin (1) 3.35% Return on Average Common Book Equity Adjusted
basic earnings allocable to common shareholders and HPU holders (2)
$105,612 Adjusted basic earnings allocable to common shareholders
and HPU holders - Annualized (A) $422,448 Average total book equity
$2,544,275 Less: Average book value of preferred equity (506,176)
Average common book equity (B) $2,038,099 Return on Average Common
Book Equity (A) / (B) 20.7% Efficiency Ratio General and
administrative expenses (C) $27,492 Total revenue (D) $256,592
Efficiency Ratio (C) / (D) 10.7% (1) Weighted average GAAP yield is
the annualized sum of interest income and operating lease income
(excluding other income), divided by the sum of average gross
corporate tenant lease assets, average loans and other lending
investments, average SFAS No. 141 purchase intangibles and average
assets held for sale over the period. Cost of debt is the
annualized sum of interest expense and operating costs-corporate
tenant lease assets, divided by the average gross debt obligations
over the period. Operating lease income and operating
costs-corporate tenant lease assets exclude SFAS No. 144
adjustments from discontinued operations of $777 and $26,
respectively. The Company does not consider net finance margin to
be a measure of the Company's liquidity or cash flows. It is one of
several measures that management considers to be an indicator of
the profitability of its operations. (2) Adjusted earnings should
be examined in conjunction with net income as shown in the
Consolidated Statements of Operations. Adjusted earnings 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 this measure indicative of funds available to fund the Company's
cash needs or available for distribution to shareholders. Rather,
adjusted earnings is an additional measure the Company uses to
analyze how its business is performing. It should be noted that the
Company's manner of calculating adjusted earnings may differ from
the calculations of similarly-titled measures by other companies.
iStar Financial Inc. Supplemental Information (In thousands)
(unaudited) CREDIT STATISTICS Three Months Ended September 30, 2006
Book debt (A) $7,517,251 Book equity $2,535,014 Add: Accumulated
depreciation/depletion and loan loss reserves 400,128 Sum of book
equity, accumulated depreciation/depletion and loan loss reserves
(B) $2,935,142 Book Debt / Sum of Book Equity, Accumulated
Depreciation/Depletion and Loan Loss Reserves (A) / (B) 2.6x Ratio
of Earnings to Fixed Charges 1.8x Ratio of Earnings to Fixed
Charges and Preferred Stock Dividends 1.6x Interest Coverage EBITDA
(1) (C) $243,315 GAAP interest expense (D) $115,262 EBITDA / GAAP
Interest Expense (C) / (D) 2.1x Fixed Charge Coverage EBITDA (1)
(C) $243,315 GAAP interest expense 115,262 Add: Preferred dividends
10,580 Total GAAP interest expense and preferred dividends (E)
$125,842 EBITDA / GAAP Interest Expense and Preferred Dividends (C)
/ (E) 1.9x RECONCILIATION OF NET INCOME TO EBITDA Net income
$104,650 Add: GAAP interest expense 115,262 Add: Depreciation,
depletion and amortization 20,758 Add: Joint venture depreciation,
depletion and amortization 2,645 EBITDA (1) $243,315 (1) EBITDA
should be examined in conjunction with net income as shown in the
Consolidated Statements of Operations. EBITDA 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 this measure 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 EBITDA may differ
from the calculations of similarly-titled measures by other
companies. iStar Financial Inc. Supplemental Information (In
thousands) (unaudited) Three Months Ended September 30, 2006 LOAN
ORIGINATIONS Total/ Floating Weighted CORPORATE OTHER Fixed Rate
Rate Average LEASING INVESTMENTS Amount funded $229,455 $1,032,208
$1,261,663 $42,668 $106,871 Weighted average GAAP yield 11.23%
8.92% 9.34% 10.56% N/A Weighted average all-in spread/margin (basis
points) (1) 638 357 - 561 N/A Weighted average first $ loan-to-
value ratio 47.2% 18.8% 24.0% N/A N/A Weighted average last $
loan-to- value ratio 72.6% 57.3% 60.1% N/A N/A UNFUNDED COMMITMENTS
Number of assets with unfunded commitments 95 Discretionary
commitments $24,390 Non-discretionary commitments 2,359,499 Total
unfunded commitments $2,383,889 Estimated weighted average funding
period Approximately 3.4 years UNENCUMBERED ASSETS $9,734,850 RISK
MANAGEMENT STATISTICS (weighted average risk rating) 2006 2005
September 30, June 30, March 31, December 31, September 30,
Structured Finance Assets 2.75 2.67 2.71 2.63 2.60 Corporate Tenant
Lease Assets 2.39 2.38 2.42 2.38 2.36 (1=lowest risk; 5=highest
risk) (1) Based on average quarterly one-month LIBOR (floating-rate
loans) and U.S. Treasury rates (fixed-rate loans and corporate
leasing transactions) during the quarter. iStar Financial Inc.
Supplemental Information (In thousands, except per share amounts)
(unaudited) LOANS AND OTHER LENDING INVESTMENTS CREDIT STATISTICS
As of September 30, 2006 December 31, 2005 Carrying value of
non-performing loans / As a percentage of total assets $18,356
0.18% $35,291 0.41% Reserve for loan losses / As a percentage of
total assets $46,378 0.45% $46,876 0.55% As a percentage of non-
performing loans 253% 133% RECONCILIATION OF DILUTED ADJUSTED EPS
GUIDANCE TO DILUTED GAAP EPS GUIDANCE (1) Year Ended Year Ended
December 31, 2006 December 31, 2007 Earnings per diluted common
share guidance $2.70 - $2.80 $2.70 - $2.90 Add: Depreciation,
depletion and amortization per diluted common share $0.70 - $0.90
$0.90 - $1.30 Adjusted earnings per diluted common share guidance
$3.50 - $3.60 $3.80 - $4.00 (1) Adjusted earnings should be
examined in conjunction with net income as shown in the
Consolidated Statements of Operations. Adjusted earnings 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 this measure indicative of funds available to fund the Company's
cash needs or available for distribution to shareholders. Rather,
adjusted earnings is an additional measure the Company uses to
analyze how its business is performing. It should be noted that the
Company's manner of calculating adjusted earnings may differ from
the calculations of similarly-titled measures by other companies.
iStar Financial Inc. Supplemental Information (In millions)
(unaudited) PORTFOLIO STATISTICS AS OF SEPTEMBER 30, 2006 (1)
Security Type $ % Corporate Tenant Leases $3,517 35.1 % First
Mortgages / Senior Loans 4,889 48.7 Mezzanine / Subordinated Debt
1,281 12.8 Other Investments 337 3.4 Total $10,024 100.0 %
Collateral Type Office (CTL) $1,632 16.3 % Industrial / R&D
1,310 13.1 Retail 1,343 13.4 Apartment / Residential 1,206 12.0
Other (2) 1,351 13.5 Entertainment / Leisure 980 9.8 Mixed Use /
Mixed Collateral 836 8.3 Hotel 855 8.5 Office (Lending) 511 5.1
Total $10,024 100.0 % Collateral Location West $2,022 20.2 %
Northeast 1,518 15.1 Southeast 1,530 15.3 Various 1,206 12.0
Mid-Atlantic 801 8.0 Central 656 6.5 South 619 6.2 Southwest 588
5.9 International 553 5.5 Northcentral 330 3.3 Northwest 201 2.0
Total $10,024 100.0 % (1) Figures presented prior to loan loss
reserves, accumulated depreciation and impact of statement of
Financial Accounting Standards No. 141 "Business Combinations." (2)
Includes Other Investments. DATASOURCE: iStar Financial Inc.
CONTACT: Catherine D. Rice, Chief Financial Officer, or Andrew G.
Backman, Vice President - Investor Relations, +1-212-930-9400, both
of iStar Financial Inc. Web site: http://www.istarfinancial.com/
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