iStar Financial (STAR) Misses Q1 EPS by 4c, Beats on Revenues

iStar Financial (NYSE: STAR) reported Q1 EPS of $0.35, $0.04 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $132.3 million versus the consensus estimate of $109.35 million.

Highlights for the quarter include:

• Net income of $26.8 million or $0.35 per share
• Adjusted income of $132.3 million or $1.61 per share
• $328 million in new loan and net lease originations
• $287 million in sales proceeds of legacy assets generating $70 million in profit
• Marcos Alvarado joined as new Chief Investment Officer
• Andrew Richardson joined as Interim Chief Financial Officer and President of the Land Portfolio
• Recognized a GAAP increase to equity of $76 million and adjusted income of $79 million from previously unrecognized gains as a result of new accounting standards

For earnings history and earnings-related data on iStar Financial (STAR) click here.

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