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iStar Narrows Quarterly Losses

NEW YORK CITY-Calling Q1 results "a small glimpse of blue sky," CEO Jay Sugarman cautioned that challenges still loom, including a large number of nonperforming loans.

By Paul Bubny | Updated on April 29, 2010

NEW YORK CITY-iStar Financial Inc. on Thursday reported quarterly earnings losses of $24.2 million, a smaller loss than the negative $62.8 million the REIT incurred in the first quarter of 2009. The company also narrowed its net income losses from $93.9 million in Q1 ’09 to $25.4 in the first quarter of this year.

In a conference call, CEO Jay Sugarman called the Q1 results “a small glimpse of blue sky,” but cautioned that the challenges that have faced the company over the past two years remain in place. Despite improving conditions and the company’s efforts to shrink its balance sheet, iStar still has large debt maturities to contend with in 2011 and 2012, and a large number of nonperforming loans, he said.

At the end of Q1, 42.3% of the company’s total managed loans, representing a balance of $3.5 billion, were NPL, according to financial results released Thursday. That represents a slight reduction from the 45.3% that NPLs represented at the end of Q4 ’09.

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