Commercial real estate financier iStar Financial Inc. posted a net loss of $71.8 million, or 86 cents a share, for the third quarter, which is deeper than the $62.2 million, or 71 cents a share, loss reported a year earlier.
The company said it remains focused on debt reduction and portfolio management. In the third quarter, iStar produced $318 million in proceeds from its commercial real estate portfolio. Those proceeds include $157.9 million in principal repayments, $79.5 million in residential unit sales and $67.1 million from sales of owned real estate assets and $13.4 million from other investments.
The company’s adjusted income, which does not include noncash items, depreciation and loan loss provisions, hit $26 million, or 19 cents a share, for the period.
In mid-October, the company obtained a new $1.82 billion senior secured credit facility that is due on Oct. 15, 2017. The funds were used to refinance remaining balances on two secured credit facilities and to provide long-term financing for a portion of the company’s portfolio.
