(RTTNews) - Friday, iStar Financial Inc. (SFI: News ), a finance company focusing on commercial real estate industry, reported a narrower loss for the third quarter compared to last year, helped by lower expenses and loan loss provisions.

New York-based iStar Financial reported a third-quarter net loss attributable to the company of $247.96 million, compared to a loss of $303.38 million last year. However, on a per share basis, net loss attributable to the company widened to $2.55 per share from $2.32 per share in the same quarter last year as a result of significantly lower share count.

Net loss allocable to common shareholders, HPU holders and Participating Security holders was $258.54 million, compared to a loss of $313.96 million in the prior year quarter.

On an adjusted basis, net loss allocable to common shareholders, HPU holders and Participating Security holders was $240.97 million or or $2.37 per share, compared to a loss of $292.04 million or $2.16 per share in the prior year quarter.

For the quarter, the company reported loss from continuing operations of $240.15 million or $2.48 per share, compared to a loss from continuing operations of $327.03 million or $2.49 per share in the prior year quarter.

On average, three analysts polled by Thomson Reuters expected the company to report a loss of $2.05 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter were $210.19 million, down from $337.31 million in the comparable quarter last year. The decline in revenue was primarily due to a reduction of interest income resulting from an increase in non-performing loans, an overall smaller asset base and lower interest rates. Analysts expected the company to report revenues of $213.85 million for the quarter.
Net investment income for the quarter was $180.20 million, down from $209.75 million in the year ago quarter. The decrease in net investment income was primarily due to lower interest income, offset by lower interest expense and increased gains on early extinguishment of debt.

Interest income for the quarter declined to $124.70 million from $237.01 million in the prior year quarter. Interest expense was $113.94 million, down from $169.67 million in the previous year quarter.

Total costs and expenses were $549.41 million, down from $734.56 million in the same quarter a year ago.

The company reported loan loss provisions of $345.9 million, compared to $435.0 million in the previous year quarter. During the quarter, the company charged-off $58.8 million against its reserve for loan losses associated with restructurings, loan sales and repayments during the quarter.

To receive FREE breaking news email alerts for IStar Financial Inc. and others in your portfolio

 1   2   Next Page