Earnings Call Excerpt
iSTAR Financial Inc. (SFI)
Q2 2009 Earnings Call
July 31, 2009 10:00 am ET
Executives
Jay Sugarman – Chairman and Chief Executive Officer
Jay Nydick – President
Jim Burns – Chief Financial Officer
Andrew Backman – Senior Vice President Investor Relations and Marketing
Analysts
Matthew Burnell – Wachovia
David Fick – Stifel Nicolaus & Company
Louise Pitt – Goldman Sachs
James Shanahan – Wachovia Wells Fargo
Donald Fandetti – Citi
Shubhomoy Mukherjee – Barclays Capital
Omotayo Okusanya – UBS
Presentation
Operator
Good morning and welcome to iSTAR Financial's second quarter 2009 earnings conference call. (Operator instructions). At this time for opening remarks and introductions, I would like to turn the conference over to iSTAR Financial's Senior Vice President of Investor Relations and Marketing, Mr. Andrew Backman. Please go ahead, sir.
Andrew Backman
Good morning everyone. Thank you for joining us today to review iSTAR Financial's second quarter earnings report. With us today are Jay Sugarman, our Chairman and Chief Executive Officer, Jay Nydick, our President, and Jim Burns our Chief Financial Officer.
This morning's call is being webcast on our website at istarfinancial.com in the investor relations section and there will be a replay of the call beginning at 12:30 p.m. Eastern Time today. The dial-in for the replay is 1-800-475-6701 with a confirmation code of 106328.
Before I turn the call over to Jay, let remind you that statements in this earnings call which are not historical facts may be deemed forward-looking statements. Factors that could cause actual results to differ materially from iSTAR Financial's expectations are detailed in our SEC reports.
With that, let me turn the call over to iSTAR's Chairman and CEO, Jay Sugarman. Jay?
Jay Sugarman
Obviously, the past quarter marked another difficult quarter for us, as lack of financing and reduced values continued to impact all parts of the portfolio. And while we have seen other parts of the credit markets begin to recover, a healing of the commercial real estate market will likely be slow and painful and our focus continues to be on working through the many challenges in the portfolio.
Our second quarter results reflected this difficult environment. As you saw, our adjusted earnings were negative $2.51 per share driven by large loss provisions on the loan portfolio and lost income from the high level of NPLs.
That was offset somewhat but continued reductions of outstanding debt at discounts to face, but slower resolutions of non-earning assets continue to be a drag on earnings and the number of assets we are foreclosing on has increased materially.
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