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iStar Financial

STAR is a full spectrum commercial real estate investor structured as a REIT, although it has not paid a common dividend since 2008. STAR provides real estate financing to borrowers, retaining senior or mezzanine real estate loan tranches (~26% of portfolio assets). STAR operates a net lease book (~43% of portfolio assets), earning rental income on fully owned properties from long-term, generally triple net leases signed by a single tenant, typically with a strong credit profile. The company also owned a ~40.5% ownership in SAFE as of quarter end, which is a triple net ground lease business that was spun off from STAR itself in 2Q17. STAR owns an operating property book comprised of a wide range of commercial and residential assets (~12%), typically leased up and sold. STAR has significant land holdings, and parcels are typically developed by STAR, with a partner, or sold (~18%). (10 Dec 2018)

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iStar: Upgraded One Notch to Ba3 by Moody's

Worth Watching: 05 Dec 2018, 8:57 PM ET - iStar (Ba3/BB-/BB) had its ratings upgraded one notch to Ba3 by Moody's (stable outlook). The ratings agency cited improvement in iStar's liquidity and reduced non-core asset exposure as driving the upgrade. Moody's noted that a futher ratings upg ..

iStar 3Q18: Solid and Sleepy

Earnings Note: 01 Nov 2018, 9:51 PM ET - iStar had a solid but very quiet quarter, retaining a cautious approach on new investment activity amid a competitive market with tighter spreads, leaking lender protections, and rate volatility. Liquidity remains a bright spot; stay O/P.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

iStar: Redeeming $122 mn of 2019 Notes

Worth Watching: 09 Oct 2018, 1:32 PM ET - iStar (B1/BB-/BB) is redeeming $122 mn of its 5% senior notes due July 2019 at par (effective November 2, 2018), leaving $375 mn of the notes outstanding. The company had previously redeemed $497 mn of the same series of notes in July 2018 after t ..

Specialty Finance: Barclays Conference Notes

Sector Analysis: 17 Sep 2018, 5:03 AM ET - We provide presentation write-ups for the slew of specialty finance companies represented at the Barclays 2018 Global Financial Services Conference this week; Ally, AmEx, CIT, Discover, iStar, and Navient.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

iStar 2Q18: Originations Battle Prepayments

Earnings Note: 05 Aug 2018, 10:02 PM ET - iStar reported a solid quarter as investment activity remains brisk, but butting up against prepayments. Later this month, the company will pay its first stock dividend since 2008. 

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.

iStar: Richardson Staying CFO, Alvarado President

Worth Watching: 02 Jul 2018, 4:31 PM ET - iStar (B1/BB-/BB) officially removed the interim tag on acting CFO Andrew Richardson, who will continue serving in a dual role (head of Land and Development) on a permanent basis; Richardson is also CFO of ground lease spin-off SAFE. Additional ..

US Banks: 2018 CCAR - It's OK to Breach Limits?

Sector Analysis: 29 Jun 2018, 5:15 AM ET - The Fed released the 2018 CCAR results. It did not object to the capital plans of 34 of the 35 banks, the exception being DB USA, Deutsche Bank's IHC. The Fed did not force a number of banks that fell below the minimums to raise capital.

iStar: Prices Upsized, Extended Term Loan

Worth Watching: 20 Jun 2018, 10:46 PM ET - iStar (B1/BB-/BB) repriced, upsized, and extended its senior secured term loan, increasing the size to $650 mn from $377 mn, lowering the interest rate to L+275 from L+300 (0.75% floor), and extending the maturity to June 2023 from October 2021. I ..

Specialty Finance: Conference Recap Notes

Sector Analysis: 14 Jun 2018, 5:41 AM ET - We recap recent presentations by several fincos at the Morgan Stanley Financials conference. The sense we got from card issuers (SYF, DFS) and auto lenders (ALLY) is that consumer credit performance should remain solid and stable in 2Q18.

iStar: Upsizing Term Loan, Tackling (Some) of '19s

Worth Watching: 11 Jun 2018, 11:39 PM ET - iStar (B1/BB-/BB) is looking to extended and upsize its existing term loan (~$375 mn outstanding, due 2021), with the balance of the new $650 mn facility targeted for a partial redemption of the 2019 notes. Lender calls are scheduled for Tuesda ..

U.S. Consumer Credit: 1Q18 Trends and Takeaways

Sector Analysis: 24 May 2018, 4:25 AM ET - We delve into the Fed's consumer credit data, analyzing 1Q18 trends across asset classes. We also dig in to recently released data on age distributions and one thing is clear: consumer credit has gotten grayer.

US Banks: Crapo De-reg. Bill Heads to White House

Sector Analysis: 23 May 2018, 10:27 PM ET - The House approved the Senate bill on financial (de)regulation, which is now headed to the White House to be signed into law. While the bill provides regulatory relief for regional/community banks, it has minimal impact on the big-6 banks.

iStar 1Q18: Accelerating Legacy Asset Sales

Earnings Note: 03 May 2018, 3:47 PM ET - iStar turned in a solid 1Q18, with investment activity remaining brisk and a nice book gain from legacy asset sales, primary land. Plan is to sell $700 mn -$ 1 bn of legacy assets over next 1-2 years, maybe JV the rest. Reiterate O/P.

iStar: CFO Jervis Stepping Down, and a New Hire

Worth Watching: 27 Mar 2018, 10:18 PM ET - iStar (B1/BB-/BB) announced that Geoff Jervis will step down as CFO to pursue other opportunities, having served in the position since joining the company in June 2016. iStar also announced that it hired Andrew Richardson, who worked at the compan ..

iStar 4Q17: Equity Woes, Legacy Asset Shadows

Earnings Note: 27 Feb 2018, 4:43 AM ET - STAR had a solid 4Q17, highlighted by very strong new investment activity ($500 mn), and is looking at "strategic options" for the $1.7 bn of legacy assets. Liquidity remains ample, reiterate O/P.

U.S. Consumer Credit: 4Q17 Trends and Takeaways

Sector Analysis: 21 Feb 2018, 3:36 PM ET - Consumer credit growth decelerated a bit in 4Q17 but remained among the strongest of the cycle as balances set new all-time highs in each quarter of 2017. We delve into the Fed's consumer credit data, analyzing trends across asset classes.

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