Revenue during the quarter plunged 37.91 percent to $106.81 million from $172.02 million in the previous year period.

Cost of revenue plunged 44.47 percent or $35.65 million during the quarter to $44.51 million. Gross margin for the quarter expanded 493 basis points over the previous year period to 58.33 percent.

Total expenses were $82.36 million for the quarter, down 34.09 percent or $42.59 million from year-ago period. Operating margin for the quarter contracted 447 basis points over the previous year period to 22.89 percent.

Operating income for the quarter was $24.45 million, compared with $47.08 million in the previous year period.

Revenue from real estate activities during the quarter plunged 49.09 percent or $63.74 million to $66.10 million.

Income from operating leases during the quarter dropped 11.21 percent or $6.58 million to $52.15 million.

Revenue from other real estate activities during the quarter was $13.95 million, down 80.38 percent or $57.16 million from year-ago period.

Other income during the quarter was $40.71 million, down 3.48 percent or $1.47 million from year-ago period.

For the fiscal year, 2017, iStar forecasts diluted net income per share of $0.65. On an adjusted basis, the company forecasts diluted income per share of $1.50

"We made progress this year," said Jay Sugarman, iStar's chairman and chief executive officer. "We made investments in attractive real estate finance and net lease opportunities throughout the year and, during the second and third quarters, advanced on our goal of strategically monetizing certain assets within our operating portfolio. During the year, we also reached several value-creating milestones in our land portfolio. Transaction-driven earnings continue to be material to our results, which also means that earnings can be lumpy quarter to quarter. We expect this to continue in 2017 as we make further progress in transitioning our portfolio towards assets that generate recurring income streams."

Net receivables were at $14.78 million as on Dec. 31, 2016, down 19.86 percent or $3.66 million from year-ago.

Investments stood at $1,664.84 million as on Dec. 31, 2016, down 10.31 percent or $191.31 million from year-ago.

Total assets declined 13.79 percent or $772.28 million to $4,825.51 million on Dec. 31, 2016. On the other hand, total liabilities were at $3,760.80 million as on Dec. 31, 2016, down 16.16 percent or $724.94 million from year-ago.

Return on assets moved down 45 basis points to 0.93 percent in the quarter. Return on equity was negative at 1.82 percent in the quarter against a positive 0.70 percent in the last year period.

Shareholders equity stood at $1,059.68 million as on Dec. 31, 2016, down 3.78 percent or $41.65 million from year-ago. As a result, debt to equity ratio went down 54 basis points to 3.20 percent in the quarter.