iStar's '02 Profits Slip

New York-based iStar Financial, a diversified real estate investment trust, has reported net income of $215.3 million ($1.93 per share) for 2002, down from $229.9 million ($2.19 per share) in 2001.For the fourth quarter, the company reported net income of $63.0 million ($0.56 per share), up from $58.8 million ($0.56 per share) a year earlier. "Given the continued weak macroeconomic and uncertain geopolitical environment, our investment strategy this quarter continued to emphasize risk mitigation and capital preservation, with first mortgages and investment-grade sale/leasebacks representing 82% of the quarter's origination volume," said Jay Sugarman, iStar's chairman and chief executive officer. The company can be found online at http://www.istarfinancial.com.