iStar Reports 2Q Profits

IStar Financial, a New York-based commercial real estate financing company, has reported net income of $94.5 million ($0.83 per share) for the second quarter, compared with $97.3 million ($0.87 per share) for the second quarter of 2004.During the second quarter, iStar closed 23 new financing commitments totaling $1.0 billion, 64% of which represented first mortgages, first-mortgage participations, and corporate tenant lease transactions, the company said. "We continue to see high levels of liquidity in the commercial real estate market, as evidenced by the level of repayments we experienced during the second quarter and first quarter of this year," said Jay Sugarman, iStar's chairman and chief executive officer. He also sees additional growth opportunities for the company "from natural extensions of our loan and lease portfolio businesses." In the second quarter, iStar added additional funding capacity by increasing the limit on its universal shelf registration statement to $5.0 billion.