iStar Reports 3Q Profits

New York-based iStar Financial, a real estate investment trust, has reported net income of $66.1 million ($0.63 per share) for the third quarter, up from $43.4 million ($0.47 per share) for the third quarter of 2002.The commercial mortgage REIT said it closed 15 new financing commitments for a total of $847.8 million during the third quarter. The company's transactions reflect its business strategy of "originating structured financing transactions for leading corporations and private owners of high-quality commercial real estate assets across the United States," iStar said. Jay Sugarman, chairman and chief executive officer of the REIT, said iStar's investment pipeline "remains strong and reflects our increasing market penetration." The company's new financings "continue to be dominated by first mortgages and investment-grade corporate tenant leases," reflecting the REIT's near-term outlook, according to Mr. Sugarman.