XNYS:SFI Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

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SFI-6.30.2012-10Q
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________
FORM 10-Q
(Mark One)
 
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2012
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to            
Commission File No. 1-15371
_______________________________________________________________________________
iSTAR FINANCIAL INC.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of
incorporation or organization)
 
95-6881527
(I.R.S. Employer
Identification Number)
1114 Avenue of the Americas, 39th Floor
 
 
New York, NY
(Address of principal executive offices)
 
10036
(Zip code)
Registrant's telephone number, including area code: (212) 930-9400
_______________________________________________________________________________
Indicate by check mark whether the registrant: (i) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports); and (ii) has been subject to such filing requirements for the past 90 days. Yes ý    No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý    No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý
 
Accelerated filer o
 
Non-accelerated filer o
 (Do not check if a
smaller reporting company)
 
Smaller reporting company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o    No ý
As of July 27, 2012, there were 83,617,778 shares of common stock, $0.001 par value per share, of iStar Financial Inc. ("Common Stock") outstanding.
 



iStar Financial Inc.
Index to Form 10-Q

 
 
Page
 
 
 
 
 
 



PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1.    Financial Statements
        iStar Financial Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(unaudited)
 
As of
 
June 30,
2012
 
December 31,
2011
ASSETS
 
 
 
Loans and other lending investments, net
$
2,300,810

 
$
2,860,762

Net lease assets, net
1,550,113

 
1,702,764

Real estate held for investment, net
1,249,681

 
1,228,134

Other real estate owned
722,167

 
677,458

Other investments
427,501

 
457,835

Cash and cash equivalents
243,843

 
356,826

Restricted cash (see Note 10)
492,973

 
32,630

Accrued interest and operating lease income receivable, net
15,055

 
20,208

Deferred operating lease income receivable
78,769

 
73,368

Deferred expenses and other assets, net
105,300

 
107,852

Total assets
$
7,186,212

 
$
7,517,837

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Accounts payable, accrued expenses and other liabilities
$
111,494

 
$
106,693

Debt obligations, net
5,603,939

 
5,837,540

Total liabilities
$
5,715,433

 
$
5,944,233

Commitments and contingencies

 

Equity:
 
 
 
iStar Financial Inc. shareholders' equity:
 
 
 
Preferred Stock Series D, E, F, G and I, liquidation preference $25.00 per share (see Note 12)
22

 
22

High Performance Units
9,800

 
9,800

Common Stock, $0.001 par value, 200,000 shares authorized, 142,527 issued and 83,610 outstanding at June 30, 2012 and 140,028 issued and 81,920 outstanding at December 31, 2011
142

 
140

Additional paid-in capital
3,828,187

 
3,834,460

Retained earnings (deficit)
(2,196,038
)
 
(2,078,397
)
Accumulated other comprehensive income (loss) (see Note 12)
(707
)
 
(328
)
Treasury stock, at cost, $0.001 par value, 58,917 shares at June 30, 2012 and 58,108 shares at December 31, 2011
(241,969
)
 
(237,341
)
Total iStar Financial Inc. shareholders' equity
$
1,399,437

 
$
1,528,356

Noncontrolling interests
71,342

 
45,248

Total equity
$
1,470,779

 
$
1,573,604

Total liabilities and equity
$
7,186,212

 
$
7,517,837

The accompanying notes are an integral part of the consolidated financial statements.

2


iStar Financial Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)

 
For the
Three Months Ended
June 30,
 
For the
Six Months Ended
June 30,
 
2012
 
2011
 
2012
 
2011
Revenues:
 
 
 
 
 
 
 
Interest income
$
36,448

 
$
80,185

 
$
73,651

 
$
140,953

Operating lease income
37,928

 
37,642

 
76,408

 
75,755

Other income
22,345

 
7,599

 
38,631

 
16,273

Total revenues
$
96,721

 
$
125,426

 
$
188,690

 
$
232,981

Costs and expenses:
 
 
 
 
 
 
 
Interest expense
$
94,474

 
$
95,753

 
$
179,818

 
$
164,846

Operating costs—net lease assets
4,965

 
4,384

 
8,128

 
8,670

Operating costs—REHI and OREO
22,424

 
18,002

 
44,498

 
35,789

Depreciation and amortization
16,960

 
15,011

 
33,475

 
29,824

General and administrative
19,792

 
25,699

 
42,637

 
50,099

Provision for loan losses
26,531

 
10,350

 
44,031

 
21,230

Impairment of assets
7,496

 
2,764

 
23,000

 
4,254

Other expense
3,907

 
459

 
4,360

 
3,181

Total costs and expenses
$
196,549

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