Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of commercial-real-estate-focused REIT iStar Financial
So What: Another quarter marked another loss for iStar. Still, the company also managed to bring in more than $1 billion from principal repayments and sales of loans, other real estate owned, and corporate tenant leases. This allowed the company to announce that it will repay its $1 billion credit facility, due in 2012. This latter bit of news likely had shares jumping, since it sparked hope that iStar would be able to stay on its feet under the weight of its heavy debt load.
Now What: iStar appears to be doing what it can to manage its debt issues, but the company's looming maturities in 2011 remain its biggest problem. Prepackaged bankruptcy was on the table as recently as late last month, when Bloomberg reported that iStar had engaged Lazard
Interested in more info on iStar Financial? Add it to your watchlist.