Maryland | 1-15371 | 95-6881527 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
1114 Avenue of the Americas, 39th Floor New York, New York | 10036 | |
(Address of principal executive offices) | (Zip Code) |
iStar Inc. | |||
Date: | May 3, 2016 | By: | /s/ DAVID DISTASO |
David DiStaso | |||
Chief Financial Officer |
Exhibit Number | Description | ||
99.1 | Earnings Release. |
◦ | Adjusted income allocable to common shareholders was $3 million, or $0.04 per diluted common share. |
◦ | Repurchased 5.8 million shares of common stock during the first quarter. |
◦ | Company repaid $261 million of bonds with cash on hand and issued $275 million of new notes to refinance other 2016 maturities. |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
REVENUES | ||||||||
Operating lease income | $ | 54,937 | $ | 59,139 | ||||
Interest income | 33,219 | 34,896 | ||||||
Other income | 11,541 | 10,564 | ||||||
Land development revenue | 14,947 | 8,258 | ||||||
Total revenues | $ | 114,644 | $ | 112,857 | ||||
COST AND EXPENSES | ||||||||
Interest expense | $ | 57,021 | $ | 54,632 | ||||
Real estate expense | 34,305 | 39,634 | ||||||
Land development cost of sales | 11,575 | 6,891 | ||||||
Depreciation and amortization | 14,708 | 18,501 | ||||||
General and administrative(1) | 23,102 | 20,753 | ||||||
Provision for (recovery of) loan losses | 1,506 | 4,293 | ||||||
Impairment of assets | — | — | ||||||
Other expense | 740 | 2,123 | ||||||
Total costs and expenses | $ | 142,957 | $ | 146,827 | ||||
Income (loss) before other items | $ | (28,313 | ) | $ | (33,970 | ) | ||
Income from sales of real estate | 10,458 | 21,156 | ||||||
Earnings from equity method investments | 8,267 | 6,547 | ||||||
Income tax (expense) benefit | 414 | (5,878 | ) | |||||
Loss on early extinguishment of debt | (125 | ) | (168 | ) | ||||
Net income (loss) | $ | (9,299 | ) | $ | (12,313 | ) | ||
Net (income) loss attributable to noncontrolling interests | 942 | 1,841 | ||||||
Net income (loss) attributable to iStar | $ | (8,357 | ) | $ | (10,472 | ) | ||
Preferred dividends | (12,830 | ) | (12,830 | ) | ||||
Net (income) loss allocable to HPU holders and Participating Security holders(2) | — | 749 | ||||||
Net income (loss) allocable to common shareholders | $ | (21,187 | ) | $ | (22,553 | ) |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
EPS INFORMATION FOR COMMON SHARES | ||||||||
Income (loss) from continuing operations attributable to iStar(1)(2) | ||||||||
Basic and Diluted | $ | (0.27 | ) | $ | (0.26 | ) | ||
Net income (loss) | ||||||||
Basic and Diluted | $ | (0.27 | ) | $ | (0.26 | ) | ||
Adjusted income | ||||||||
Basic and Diluted | $ | 0.04 | $ | 0.10 | ||||
Weighted average shares outstanding | ||||||||
Basic | 77,060 | 85,497 | ||||||
Diluted (for net income per share) | 77,060 | 85,497 | ||||||
Diluted (for adjusted income per share) | 77,428 | 97,454 | ||||||
Common shares outstanding at end of period | 75,441 | 85,520 |
As of | As of | ||||||
March 31, 2016 | December 31, 2015 | ||||||
ASSETS | |||||||
Real estate | |||||||
Real estate, at cost | $ | 2,040,779 | $ | 2,050,541 | |||
Less: accumulated depreciation | (462,179 | ) | (456,558 | ) | |||
Real estate, net | $ | 1,578,600 | $ | 1,593,983 | |||
Real estate available and held for sale | 132,395 | 137,274 | |||||
$ | 1,710,995 | $ | 1,731,257 | ||||
Land and development, net | 1,024,434 | 1,001,963 | |||||
Loans receivable and other lending investments, net | 1,637,387 | 1,601,985 | |||||
Other investments | 233,990 | 254,172 | |||||
Cash and cash equivalents | 591,181 | 711,101 | |||||
Accrued interest and operating lease income receivable, net | 16,020 | 18,436 | |||||
Deferred operating lease income receivable | 98,861 | 97,421 | |||||
Deferred expenses and other assets, net | 179,310 | 181,457 | |||||
Total assets | $ | 5,492,178 | $ | 5,597,792 | |||
LIABILITIES AND EQUITY | |||||||
Accounts payable, accrued expenses and other liabilities | $ | 202,963 | $ | 214,835 | |||
Loan participations payable, net | 154,111 | 152,086 | |||||
Debt obligations, net | 4,110,730 | 4,118,823 | |||||
Total liabilities | $ | 4,467,804 | $ | 4,485,744 | |||
Redeemable noncontrolling interests | $ | 8,981 | $ | 10,718 | |||
Total iStar shareholders' equity | $ | 980,109 | $ | 1,059,112 | |||
Noncontrolling interests | 35,284 | 42,218 | |||||
Total equity | $ | 1,015,393 | $ | 1,101,330 | |||
Total liabilities and equity | $ | 5,492,178 | $ | 5,597,792 |
FOR THE THREE MONTHS ENDED MARCH 31, 2016 | |||||||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land & Dev | Corporate / Other | Total | ||||||||||||||||||
Operating lease income | $ | — | $ | 35,750 | $ | 19,081 | $ | 106 | $ | — | $ | 54,937 | |||||||||||
Interest income | 33,219 | — | — | — | — | 33,219 | |||||||||||||||||
Other income | 1,297 | 80 | 7,344 | 1,065 | 1,755 | 11,541 | |||||||||||||||||
Land development revenue | — | — | — | 14,947 | — | 14,947 | |||||||||||||||||
Earnings from equity method investments | — | 946 | (142 | ) | 6,661 | 802 | 8,267 | ||||||||||||||||
Income from sales of real estate | — | 4,928 | 5,530 | — | — | 10,458 | |||||||||||||||||
Total revenue and other earnings | $ | 34,516 | $ | 41,704 | $ | 31,813 | $ | 22,779 | $ | 2,557 | $ | 133,369 | |||||||||||
Real estate expense | — | (4,508 | ) | (21,120 | ) | (8,677 | ) | — | (34,305 | ) | |||||||||||||
Land development cost of sales | — | — | — | (11,575 | ) | — | (11,575 | ) | |||||||||||||||
Other expense | 86 | — | — | — | (826 | ) | (740 | ) | |||||||||||||||
Allocated interest expense | (14,702 | ) | (16,236 | ) | (6,620 | ) | (8,359 | ) | (11,104 | ) | (57,021 | ) | |||||||||||
Allocated general and administrative(1) | (3,831 | ) | (4,296 | ) | (1,870 | ) | (3,270 | ) | (5,258 | ) | (18,525 | ) | |||||||||||
Segment profit (loss) | $ | 16,069 | $ | 16,664 | $ | 2,203 | $ | (9,102 | ) | $ | (14,631 | ) | $ | 11,203 |
AS OF MARCH 31, 2016 | |||||||||||||||||||||||
Real Estate Finance | Net Lease | Operating Properties | Land & Dev | Corporate / Other | Total | ||||||||||||||||||
Real estate | |||||||||||||||||||||||
Real estate, at cost | $ | — | $ | 1,481,989 | $ | 558,790 | $ | — | $ | — | $ | 2,040,779 | |||||||||||
Less: accumulated depreciation | — | (382,501 | ) | (79,678 | ) | — | — | (462,179 | ) | ||||||||||||||
Real estate, net | $ | — | $ | 1,099,488 | $ | 479,112 | $ | — | $ | — | $ | 1,578,600 | |||||||||||
Real estate available and held for sale | — | 717 | 131,678 | — | — | 132,395 | |||||||||||||||||
Total real estate | $ | — | $ | 1,100,205 | $ | 610,790 | $ | — | $ | — | $ | 1,710,995 | |||||||||||
Land and development, net | — | — | — | 1,024,434 | — | 1,024,434 | |||||||||||||||||
Loans receivable and other lending investments, net | 1,637,387 | — | — | — | — | 1,637,387 | |||||||||||||||||
Other investments | — | 68,043 | 12,033 | 96,173 | 57,741 | 233,990 | |||||||||||||||||
Total portfolio assets | $ | 1,637,387 | $ | 1,168,248 | $ | 622,823 | $ | 1,120,607 | $ | 57,741 | $ | 4,606,806 | |||||||||||
Cash and other assets | 885,372 | ||||||||||||||||||||||
Total assets | $ | 5,492,178 |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
ADJUSTED INCOME (1) | ||||||||
Reconciliation of Net Income to Adjusted Income | ||||||||
Net income (loss) allocable to common shareholders | $ | (21,187 | ) | $ | (22,553 | ) | ||
Add: Depreciation and amortization | 17,172 | 20,072 | ||||||
Add: Provision for (recovery of) loan losses | 1,506 | 4,293 | ||||||
Add: Impairment of assets | 915 | 4,337 | ||||||
Add: Stock-based compensation expense | 4,577 | 3,238 | ||||||
Add: Loss on early extinguishment of debt | 125 | 168 | ||||||
Less: HPU/Participating Security allocation | (2 | ) | (1,032 | ) | ||||
Adjusted income allocable to common shareholders | $ | 3,106 | $ | 8,523 |
Twelve Months Ended March 31, 2016 | |||
OPERATING STATISTICS | |||
Expense Ratio | |||
General and administrative expenses - trailing twelve months (A) | $ | 83,626 | |
Average total assets (B) | $ | 5,611,742 | |
Expense Ratio (A) / (B) | 1.5 | % | |
As of | |||
March 31, 2016 | |||
Leverage | |||
Book debt | $ | 4,110,730 | |
Less: Cash and cash equivalents | (591,181 | ) | |
Net book debt (C) | $ | 3,519,549 | |
Book equity | $ | 1,015,393 | |
Add: Accumulated depreciation and amortization(1) | 524,010 | ||
Add: General loan loss reserves | 36,600 | ||
Sum of book equity, accumulated D&A and general loan loss reserves (D) | $ | 1,576,003 | |
Leverage (C) / (D) | 2.2x | ||
UNENCUMBERED ASSETS / UNSECURED DEBT | |||
Unencumbered assets (E)(2) | $ | 4,583,979 | |
Unsecured debt (F) | $ | 3,334,722 | |
Unencumbered Assets / Unsecured Debt (E) / (F) | 1.4x |
As of | |||||||||||
March 31, 2016 | |||||||||||
UNFUNDED COMMITMENTS | |||||||||||
Performance-based commitments | $ | 789,220 | |||||||||
Strategic investments | 45,978 | ||||||||||
Discretionary fundings | 5,000 | ||||||||||
Total Unfunded Commitments | $ | 840,198 | |||||||||
LOAN RECEIVABLE CREDIT STATISTICS | As of | ||||||||||
March 31, 2016 | December 31, 2015 | ||||||||||
Carrying value of NPLs / | |||||||||||
As a percentage of total carrying value of loans | $ | 68,349 | 4.3 | % | $ | 60,327 | 3.9 | % | |||
Total reserve for loan losses / | |||||||||||
As a percentage of total gross carrying value of loans(1) | $ | 109,671 | 6.4 | % | $ | 108,165 | 6.6 | % |
PORTFOLIO STATISTICS AS OF MARCH 31, 2016(1) | |||||||||||||||||||||||
Property Type | Real Estate Finance | Net Lease | Operating Properties | Land & Dev | Total | % of Total | |||||||||||||||||
Land & Development | $ | 45 | $ | — | $ | — | $ | 1,127 | $ | 1,172 | 23 | % | |||||||||||
Office / Industrial | 157 | 847 | 133 | — | 1,137 | 22 | % | ||||||||||||||||
Mixed Use / Collateral | 580 | — | 257 | — | 837 | 16 | % | ||||||||||||||||
Hotel | 349 | 137 | 55 | — | 541 | 11 | % | ||||||||||||||||
Entertainment / Leisure | — | 501 | — | — | 501 | 10 | % | ||||||||||||||||
Condominium | 270 | — | 132 | — | 402 | 8 | % | ||||||||||||||||
Retail | 67 | 57 | 126 | — | 250 | 5 | % | ||||||||||||||||
Other Property Types | 206 | 9 | — | — | 215 | 4 | % | ||||||||||||||||
Strategic Investments | — | — | — | — | 57 | 1 | % | ||||||||||||||||
Total | $ | 1,674 | $ | 1,551 | $ | 703 | $ | 1,127 | $ | 5,112 | 100 | % | |||||||||||
Geography | Real Estate Finance | Net Lease | Operating Properties | Land & Dev | Total | % of Total | |||||||||||||||||
Northeast | $ | 1,006 | $ | 383 | $ | — | $ | 251 | $ | 1,640 | 32 | % | |||||||||||
West | 84 | 402 | 58 | 364 | 908 | 18 | % | ||||||||||||||||
Southeast | 135 | 235 | 276 | 147 | 793 | 16 | % | ||||||||||||||||
Mid-Atlantic | 169 | 139 | 151 | 204 | 663 | 13 | % | ||||||||||||||||
Southwest | 53 | 170 | 146 | 149 | 518 | 10 | % | ||||||||||||||||
Central | 164 | 80 | 58 | 5 | 307 | 6 | % | ||||||||||||||||
Various | 63 | 142 | 14 | 7 | 226 | 4 | % | ||||||||||||||||
Strategic Investments | — | — | — | — | 57 | 1 | % | ||||||||||||||||
Total | $ | 1,674 | $ | 1,551 | $ | 703 | $ | 1,127 | $ | 5,112 | 100 | % |
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