iStar Financial Inc. (NYSE: SFI) reported a $292.3 million second-quarter loss Friday, citing continuing difficulties with its loans in a tough market, according to Associated Press.
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The net loss amounted to $2.85 per share and compared with a profit of $18.9 million, or 14 cents per share, in the same period a year earlier.
The results in both periods were after payment of dividends on preferred stock.
Revenue fell 30 percent to $224.6 million from $320.4 million in the second quarter of 2008. The company blamed the drop on lower interest income because of non-performing loans, lower interest rates and a lower asset base.
Nearly 40 percent of its loans, representing $4.6 billion, were deemed non-performing as of June 30. The company said it recorded $435 million in loan loss provisions during the quarter as credit markets deteriorated further. It had $417 million of unrestricted cash and available capacity on its credit facilities at the end of the quarter, down from $1 billion at the end of the prior quarter
Shares of iStar stock fell 58 cents, down 19 percent, to $2.43 in Friday’s close.
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