iStar Announces Details for Its Special Dividend

Rhea-AI Summary

iStar (NYSE: STAR) has announced a special dividend to be paid on December 7, 2022, consisting of 6.64 million shares of Safehold (NYSE: SAFE). This equals 0.07655 shares of SAFE for each share of iStar common stock. Shareholders will receive cash for any fractional shares instead of additional shares. The record date for this dividend is December 1, 2022. iStar aims to enhance the ground lease sector, driving value for real estate owners with modern lease solutions in the $7 trillion institutional market.

Positive

• Special dividend showcasing confidence in shareholder value.
• Pro rata distribution of shares from Safehold reinforces iStar's strategic holdings.

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• None.

NEW YORK, Nov. 29, 2022 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced today the specific terms for its previously announced special dividend. The company will pay a one-time non-cash dividend of 6.64 million shares of Safehold (NYSE: SAFE), which equates to 0.07655 shares of SAFE for each share of iStar common stock outstanding.

No fractional shares of SAFE common stock will be issued in connection with the special dividend, and instead Company stockholders will receive cash in lieu of any fractional shares. 

The dividend will be paid on a pro rata basis on December 7, 2022 to shareholders of record as of the close of business on December 1, 2022.

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iStar Inc. (NYSE: STAR) is focused on reinventing the ground lease sector, unlocking value for real estate owners throughout the country by providing modern, more efficient ground leases on institutional quality properties. As the founder, investment manager and largest shareholder of Safehold Inc. (NYSE: SAFE), the creator of the modern ground lease industry, iStar is using its national investment platform and its historic strengths in finance and net lease to expand the use of modern ground leases within the $7 trillion institutional commercial real estate market. Recognized as a consistent innovator in the real estate markets, iStar specializes in identifying and scaling newly discovered opportunities and has completed more than $40 billion of transactions over the past two decades. Additional information on iStar is available on its website at www.istar.com.

 

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SOURCE iStar Inc.

FAQ

What are the details of iStar's special dividend?

iStar announced a special dividend of 6.64 million shares of Safehold, equating to 0.07655 shares of SAFE per share of iStar stock, payable on December 7, 2022.

When is the record date for iStar's special dividend?

The record date for iStar's special dividend is December 1, 2022.

Will fractional shares be issued for the special dividend?

No fractional shares of SAFE will be issued; instead, shareholders will receive cash for any fractional amounts.