iStar Reports Second Quarter 2022 Results
iStar Inc. (NYSE: STAR) reported a net loss of $138.5 million for Q2 2022, equating to $1.70 per diluted share. Adjusted earnings also fell to a loss of $34.2 million or $0.42 per diluted share. The company exchanged $194 million in convertible notes for approximately 13.75 million shares and $14 million in cash, resulting in a $298 million increase in book equity. Additionally, Safehold closed $381 million in new originations, increasing its total portfolio to $5.9 billion. iStar aims to enhance shareholder value through strategic initiatives.
- $381 million in new originations by Safehold, increasing total portfolio to $5.9 billion.
- $298 million increase in book equity from the exchange of convertible notes.
- Net loss of $138.5 million or $1.70 per diluted share.
- Adjusted loss of $34.2 million or $0.42 per diluted share.
- $118 million loss on early extinguishment of debt.
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- iStar Inc. (NYSE: STAR) today reported results for the second quarter ended June 30, 2022.
Highlights for the quarter include:
- Net income (loss) of (
$138.5) million or ($1.70) per diluted common share - Adjusted earnings (loss) of (
$34.2) million or ($0.42) per diluted common share - During the quarter, exchanged
$194 million of convertible notes for 13.75 million shares of common stock and$14 million of cash, recognizing a$298 million increase to book equity, offset by a$118 million loss on early extinguishment of debt $139 million of proceeds from legacy asset sales and loan repayments- Safehold closed
$381 million 1 of new originations, bringing Safehold's total aggregate portfolio to$5.9 billion and total UCA to approximately$9.9 billion
"iStar made considerable progress in the second quarter, simplifying our balance sheet and continuing to help scale Safehold and our ground lease-adjacent businesses," said Jay Sugarman, Chairman and Chief Executive Officer. "We remain focused on executing on our strategic plan and capturing value for iStar's shareholders."
The Company published a presentation detailing its results and a reconciliation of non-GAAP financial metrics, which can be found on its website, in the "Investors" section.
The Company will host an earnings conference call reviewing this presentation beginning at 10:00 a.m. ET. This conference call will be broadcast live and can be accessed by all interested parties through iStar's website and by using the dial-in information listed below:
Dial-In: | 877.226.8189 |
International: | 409.207.6980 |
Access Code: | 1179627 |
A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 2:30 p.m. ET on August 4, 2022 through 12:00 a.m. ET on August 18, 2022 by calling:
Replay: | 866.207.1041 |
International: | 402.970.0847 |
Access Code: | 6846235 |
* * *
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
1 Investments in Q2 '22 include
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SOURCE iStar Inc.
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