September 4, 2008
iStar, the embattled Mortgage REIT, has been taking it on the chin recently. Last quarter, they set aside $217 million for bad loans, and a $45 million charge for mark to market losses. The REIT’s high profile developer defaults in Miami, the epicenter of the bubble, are already well-known. However, its new get tough policy […]
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July 31, 2008
Where did THAT banana come from? IStar announced earnings today, along with an estimated 50% cut in the dividend. The cut was signaled pretty clearly in a pre-announcement on July 18th. IStar set aside $217 million noncash for bad loans, which thankfully was much less that the high end of the $275 range they estimated […]
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