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Donnerstag, 03.11.2016 12:05 von | Aufrufe: 42

iStar Announces Third Quarter 2016 Results

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PR Newswire

NEW YORK, Nov. 3, 2016

NEW YORK, Nov. 3, 2016 /PRNewswire/ -- iStar (NYSE: STAR) today reported results for the third quarter ended September 30, 2016.

Third Quarter 2016 Results

iStar reported net income allocable to common shareholders for the third quarter of $46.3 million, or $0.44 per diluted common share and $0.65 per basic common share. This compares favorably to a loss of $(6.1) million, or $(0.07) per diluted and basic common share for the third quarter 2015.

Adjusted income allocable to common shareholders for the third quarter was $49.1 million, or $0.47 per diluted common share and $0.69 per basic common share. This represents over a 70% increase from the $27.3 million, or $0.25 per diluted common share and $0.32 per basic common share reported for the third 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, the Company originated $301.1 million of new investments bringing total originations year to date to $459.3 million. During the quarter, iStar funded a total of $165.5 million associated with new investments, prior financing commitments and ongoing development across its four segments, bringing the total fundings year to date to $489.4 million. In addition, the portfolio generated $262.2 million of repayments and sales during the quarter, bringing total proceeds received to $854.5 million year to date.


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3Q'16 Investing Activity









$ in millions

Real Estate
Finance

Net
Lease

Operating
Properties

Land &
Dev

Corporate
/ Other

Total

Originated

$83.0

$218.1

—

—

—

$301.1

Invested

$85.4

$36.5

$15.9

$27.5

$0.2

$165.5

Proceeds received

$49.1

$78.8

$85.8

$42.5

$6.0

$262.2

Note: Originated represents total commitments on new investments made during the quarter. Invested represents
fundings on new investments / prior commitments and capital expenditures associated with existing assets during the
quarter.  Net lease originations represent the total property value, gross of joint venture partner participations and
financings.

New originations within our real estate finance portfolio are expected to generate a weighted average unlevered IRR of 11.9%, while the net lease originations within our net lease fund are expected to generate a 10.3% IRR on our equity contributions.(1)

Portfolio Overview

At September 30, 2016, the Company's portfolio totaled $4.83 billion, which is gross of $412.1 million of accumulated depreciation and $21.2 million of general loan loss reserves.

 

_______________________

(1) IRRs are based on contractual investment terms such as coupon, rent and term. The Company makes assumptions
as to the pace of fundings, timing of construction and residual value of real estate at the end of the lease term. The
net lease joint venture can elect to take on leverage and the Company makes assumptions as to the amount of debt and
the cost of debt the venture will take on. While the Company believes its assumptions are reasonable, they are
dependent on future real estate market conditions, capital market conditions and interest rates. No assurance can be
made that the Company's assumptions will reflect actual results.

A summary of quarterly activity is below:

Portfolio Rollforward











$ in millions

Real
Estate
Finance

Net
Lease

Operating
Properties

Land &
Dev

Corporate
/ Other

Total

Net book value (6/30/16)

$

1,568.5

$

1,149.7

$

493.2

$

1,134.9

$

58.9

$

4,405.2

Investments
(Fundings / CapEx)

85.4

36.5

15.9

27.5

0.2

165.5

Asset transfers between
segments

(9.1)

—

36.3

(27.2)

—

—

Principal received / basis
sold

(49.1)

(74.1)

(56.5)

(37.0)

(9.0)

(225.7)

Other

36.5

(6.9)

(1.8)

16.8

3.3

47.9

Net book value (9/30/16)

1,632.2

1,105.2

487.1

1,115.0

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