iStar Financial (STAR) Tops Q2 EPS by 18c

iStar Financial (NYSE: STAR) reported Q2 EPS of $0.55, $0.18 better than the analyst estimate of $0.37.

Highlights for the quarter include:

• Net income of $42.9 million or $0.54 per diluted share
• Adjusted net income of $43.6 million or $0.55 per diluted share
• Initiated quarterly dividend of $0.09 per share, or $0.36 per share on an annualized basis, with the first payment on August 31 to shareholders of record on August 15
• $269 million of originations from core new loan and net lease businesses
• $190 million in proceeds from legacy asset sales
• $146 million reduction (84%) of non-performing loans
• Consolidated Net Lease Venture I and recognized a gain of $68M, formed Net Lease Venture II subsequent to the end of the quarter
• Upsized new term loan to $650M from $377M and repriced coupon 25bps lower
• \"With solid earnings, a strong balance sheet and substantial liquidity, we are delighted to begin paying a regular quarterly dividend to our shareholders," said Jay Sugarman, iStar's Chairman and Chief Executive Officer.

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

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