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Phase 1: Foundation
From the beginning we set out to capture what we believed were significant opportunities in the underserved segments of the high-end real estate market. As a private company for our first five years, we built a solid foundation for iStar. We added marquee clients, many of whom are still our customers today. We analyzed the high-end marketplace, formed our views on key markets and asset classes and developed our competitive advantages, namely our ability to cross over seamlessly between the real estate markets, capital markets and corporate finance markets. We also began identifying those customers who were most interested in iStar’s highly personalized, high-integrity approach to the business. Our mission remains the same today as it was at our inception: to be the premier provider of flexible financing solutions to underserved segments of the high-end real estate market while delivering attractive risk-adjusted returns to our valued shareholders. And we have not changed the core values that guide the way we do business, operating with a high degree of integrity, honesty and customer service.
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Phase 2: Expansion
Moving into the public markets kicked off phase two, which began in earnest with the $1.5 billion acquisition of TriNet Corporate Realty Trust, then the largest triple net lease company in the public markets. Success led to a natural expansion of our business. We focused on educating the market on iStar’s unique approach to real estate financing, clearly differentiating our model from the more prevalent syndication, securitization and commercial finance models that existed at the time. We made a number of other strategic corporate acquisitions to complement our organic growth and extend our business franchise during this phase. We took a number of important steps that have helped make iStar Financial the leading publicly traded finance company focused on the commercial real estate industry. In 2004, we received “investment grade” ratings from all three major rating agencies, significantly strengthening our cost advantage in the marketplace. Our financial results during this phase were excellent, demonstrating our commitment to our shareholders. For example, we grew our revenues by 168%, increased our total assets by approximately 90% and delivered total cumulative shareholder returns, including dividends, of 308%.
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Phase 3: Evolution
In 2005, we began a five-year evolution and expansion of the business. We carefully analyzed various changes in the market to make what we believe are prudent, strategic decisions that better position and realign the company to adjust to these dynamics. We are utilizing the same type of forward thinking that served us so well in phases one and two, while remaining true to the strengths and market position we have clearly staked out with our customers. We are executing our plans to evolve the business forward. We are focused on expanding our market-leading platforms, adding key personnel, building strategic relationships and working on delivering the most comprehensive capital solutions to the marketplace. More information about our strategy can be found in the Return On Ideas section.
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