As previously reported, JMP Securities analyst Steven DeLaney downgraded iStar to Market Perform from Outperform following the company's report earlier this week of a large GAAP loss that was driven by a significant impairment on certain legacy real estate assets, which the company has decided to monetize as soon as practical. The earnings call was primarily focused on the strategic shift to allocate resources to the ground lease business and the acceleration of legacy asset disposition, said DeLaney, who prefers to step back from the stock while he reassess the near-term opportunity following the "unexpected charge" and shift in focus.