iStar Reports Third Quarter 2022 Results
iStar Inc. (NYSE: STAR) announced its Q3 2022 results, reporting a net income of $12.1 million or $0.14 per diluted share. Adjusted earnings were $28.5 million or $0.33 per diluted share. The company extinguished $155 million of debt, including $93 million in convertible notes, and generated $105 million from asset sales and loan repayments. Safehold contributed $284 million in new originations, raising its total portfolio to $6.1 billion.
iStar aims to enhance its balance sheet and expand the ground lease market.
- Net income of $12.1 million, a significant figure indicating profitability.
- Adjusted earnings of $28.5 million reflect strong operational performance.
- Successfully extinguished $155 million of debt, improving financial health.
- $105 million from asset sales and loan repayments bolster liquidity.
- Safehold's new originations of $284 million indicate successful portfolio growth.
- None.
NEW YORK, Nov. 3, 2022 /PRNewswire/ --
iStar Inc. (NYSE: STAR) today reported results for the third quarter ended September 30, 2022.
Highlights for the quarter include:
- Net income of
$12.1 million or$0.14 per diluted common share - Adjusted earnings of
$28.5 million or$0.33 per diluted common share - During the quarter, extinguished
$155 million of debt including$93 million of convertible notes and$62 million of open market bond repurchases $105 million of proceeds from legacy asset sales and loan repayments- Safehold closed
$284 million 1 of new originations, bringing Safehold's total aggregate portfolio to$6.1 billion and total UCA to approximately$10.5 billion
"iStar continues to focus on streamlining its balance sheet, monetizing its legacy assets and expanding the ground lease ecosystem," said Jay Sugarman, Chairman and Chief Executive Officer. "Together with Safehold, we look forward to unlocking the full value of the ground lease platform we have built."
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: | 877.545.0523 |
International: | 973.528.0016 |
Access Code: | 923085 |
A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 2:00 p.m. ET on November 3, 2022 through 12:00 a.m. ET on November 17, 2022 by calling:
Replay: | 877.481.4010 |
International: | 919.882.2331 |
Access Code: | 46958 |
* * *
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 Q3 '22 include
View original content to download multimedia:https://www.prnewswire.com/news-releases/istar-reports-third-quarter-2022-results-301667498.html
SOURCE iStar Inc.
FAQ
What were iStar's earnings for Q3 2022?
How much debt did iStar extinguish in Q3 2022?
What was the total portfolio of Safehold after Q3 2022?
What new originations did Safehold achieve in Q3 2022?
